AUSTRALIA'S ASIC CHIEF DEFENDS PUNISHMENT OF FAMOUS STOCKBROKER.

SYDNEY, June 2 Asia Pulse - The head of Australia's securities watchdog has accused flamboyant stockbroker Rene Rivkin of trivialising his case of insider trading decided in a Sydney court last week.

Rivkin claimed he was the victim of a witch-hunt after he was fined A$30,000 (US$19,462.50) and sentenced to nine months periodic detention, but Australian Securities and Investments Commission (ASIC) chairman David Knott today defended the punishment.

ASIC instigated the charge against Rivkin who was found guilty of buying 50,000 Qantas shares after receiving confidential information about the company.

Rivkin has proclaimed his innocence, saying he made only A$300 (US$194.62) out of the deal, and will likely appeal the New South Wales Supreme Court decision.

"The evidence in this case has been presented to a jury. The jury has found that Mr Rivkin breached the criminal law," Mr Knott told the Seven network.

"A judge has now confirmed that and I think, by his sentence, indicated that he certainly doesn't regard this as a trivial matter.

"I think it's an appropriate sentence for the conduct."