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Steve Cohen Pays $616M Fine, Goes On Epic Shopping Spree
- 07/12/2013 01:58 PM EDT
Steve Cohen's one of the richest men in America, but he's usually not much for the spotlight. His actions this week, however, have been so striking that it's been impossible to avoid a bit of press.
Cohen's fund, SAC Capital Advisers, has been under investigation for years by the similarly named Securities Exchange Comission (SEC), and this week, he'll pay out a $616 million settlement without admitting wrongdoing, unless a judge rejects it. The fine is the result of an investigation into SAC for insider trading.
While all this was going on, Cohen went out and bought one of the most expensive paintings in history, paying $155 million dollars for Picasso's erotic masterpiece, Le Reve. He also dropped $60 million on a mansion in East Hampton -- which makes this a pretty pricey week, even for a man worth an estimated $10 billion.
This week, Cohen also put his Manhattan apartment on the market for $115 million - perhaps to offset some of his other purchases.