Call it retail therapy.
||Picasso's Le Reve (Photo: Wikipedia)|
Steve Cohen is on the cusp of paying more than $600 million to settle insider trading charges by the Securities and Exchange Commission against his hedge fund firm SAC Capital Advisors, but that hasn't stopped him from picking up some very expensive items.
Today, The New York Times reported that Cohen recently reached a deal to buy an oceanfront property in East Hampton for $60 million, his second house in the exclusive New York vacation enclave.
The news comes a day after Cohen emerged as the new owner of Picasso's "Le Reve" painting, for which he paid a record $155 million to Las Vegas casino magnate Stephen Wynn, according to The Wall Street Journal. Cohen has been named as one of the top 10 art collectors in the world each year during the past decade.
For all of Cohen's buying, he's also selling and giving it away. He recently put his apartment in Manhattan's Bloomberg Tower up for sale at $115 million, according to the Times. He also gave $17 million to support veterans' mental health research in February. His net worth is $9.3 billion as of this month, according to Forbes.
Cohen was reminded of his legal troubles today as U.S. District Judge Victor Marrero did not sign off on a proposed settlement between the SEC and SAC. The judge reportedly expressed concern that the $15 billion Greenwich-based firm would neither have to admit or deny guilt despite paying a more than $600 million fine. The timing for the judge's approval is unclear.
An external spokesman for SAC, Jonathan Gasthalter of Sarb Verbinnen & Co., declined to comment.
See also: Steve Cohen is king of the art world--again | Looking back on SAC's legal troubles