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Billionaire hedge-fund manager Steve Cohen will add the New York Mets to his already impressive portfolio of luxury real estate and modern art.
Cohen first invested $20 million in the Mets in 2012, Bloomberg reported. That investment paid off. Bloomberg valued Cohen’s stake at $90 million in 2017 — a 350% increase in five years.
It hasn’t always been smooth sailing for Cohen, however. His hedge fund pled guilty to securities and wire fraud in 2013, and Cohen himself was banned from investing for two years following a lawsuit with the SEC, Bloomberg reported.
A representative for Cohen declined Business Insider’s original request for comment on Cohen’s career, assets, or the Mets acquisition in December 2019.
Keep reading to learn more about Steve Cohen.
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Steven A. Cohen, 64, is a New York native.
The son of a piano teacher and a garment manufacturer, Cohen was born in Great Neck, New York in 1956, according to the Bloomberg Billionaires Index.
Cohen earned a Bachelor’s degree in economics from the University of Pennsylvania’s Wharton School of Business, according to Forbes.
Cohen built his $10.1 billion fortune running hedge fund Point72 Asset Management.
Based in Stamford, Connecticut, the hedge fund now has over $17 billion under management according to Bloomberg. Cohen founded the firm, then called SAC Capital, in 1992.
Forbes ranked Cohen as the eighth highest-earning hedge fund manager in the United States in 2018, but did not include him on the list in 2019.
Cohen may not have made his fortune legally. His firm pled guilty to securities and wire fraud in 2013.
SAC Capital paid $1.8 billion in fines, according to Bloomberg. A separate lawsuit brought by the SEC in 2016 resulted in Cohen being banned from managing others’ money for two years, according to Refinery29.
The firm was renamed Point72 Asset Management when it reopened in 2018, according to Bloomberg.
The case didn’t seem to phase Cohen, who threw a house party in the Hamptons two days after the charges were announced.
The event, which Reuters described as “lavish,” was attended by dozens of guests. The party was planned before the charges were announced to “show support” for ovarian cancer research, but not raise funds for the cause.
Sources told Reuters that $2,000 worth of tuna was ordered for the event.
Cohen was also accused of financial wrongdoing during his first divorce.
Cohen’s ex-wife Patricia Finke accused him in 2009 of hiding assets from her during their 1990 divorce, therefore limiting her settlement, according to Bloomberg. Finke sued Cohen in federal court, but the case was later dismissed. Finke is appealing the dismissal, Bloomberg reported.
Cohen remarried in 1992 to Alexandra Garcia.
The couple met through a dating service and now have seven children, according to the Bloomberg Billionaires Index.
The …read more
Source:: Business Insider