Billionaire money manager Steven A. Cohen is selling a prized painting by Jean-Michel Basquiat at Christie’s in May, according to people familiar with the matter.
Thinking outside the box ?
The federal investigation of insider trading by SAC Capital Advisors LP and its founder, Steven A. Cohen, has been hampered by a lack of extensive e-mail evidence. One reason: During the period of time at the heart of the probe, July 2008, SAC automatically deleted its e-mails.
The art world is watching to see the fate of billionaire hedge-fund owner Steven A. Cohen.
Phillipp Villhauer was the head trader at SAC Capital Advisors LP who allegedly helped the firm founded by Steven A. Cohen make $276m on trades that led to the arrest of an ex-hedge fund manager for insider-trading, according to two people familiar with the matter.
SAC Capital Advisors is seeking to calm investor concern about founder Steven A. Cohen’s trading in two drug stocks and possible regulatory sanctions after prosecutors for the first time tied Cohen to a specific transaction at the center of an insider-trading investigation.