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Wikipedia

Steve Cohen (businessman)

April 11, 2023

For other persons with a similar name, see Steve Cohen (disambiguation).
"Steven A. Cohen" redirects here. For the American academic, see Steven A. Cohen (academic).

Steven A. Cohen (born June 11, 1956) is an American hedge fund manager and owner of the New York Mets of Major League Baseball since September 14, 2020, owning roughly 97.2% of the team.[3] He is the founder of hedge fund Point72 Asset Management and now-closed S.A.C. Capital Advisors, both based in Stamford, Connecticut.[4]

Steven A. Cohen
Born (1956-06-11) June 11, 1956 (age 66)
Great Neck, New York, U.S.
Alma materWharton School of the University of Pennsylvania
Occupations
Known for
Spouses
  • Patricia Finke
    ​
    ​
    (m. 1979; div. 1990)​
    [2]
  • Alexandra Garcia
    ​
    (m. 1992)​

In 2013, the Cohen-founded S.A.C. Capital Advisors pleaded guilty to insider trading and agreed to pay $1.8 billion in fines ($900 million in forfeiture and $900 million in fines) in one of the biggest criminal cases against a hedge fund. Cohen was prohibited from managing outside money for two years as part of the settlement reached in the civil case over his accountability for the scandal. The hedge fund agreed to plead guilty to wire fraud and four counts of securities fraud and to close to outside investors.[1]

Cohen loosely inspired the character Bobby Axelrod, played by Damian Lewis, on the Showtime series Billions.[5]

Early life and education

Cohen grew up in Great Neck, New York, where his father was a dress manufacturer in Manhattan's garment district, and his mother was a piano teacher.[6] He is the third of seven brothers and sisters. He took a liking to poker as a high school student, often betting his own money in tournaments, and credits the game with teaching him "how to take risks."[6] Cohen graduated from John L. Miller Great Neck North High School in 1974, where he played on the school's soccer team.[7]

Cohen received an economics degree from the Wharton School at the University of Pennsylvania in 1978. While in school, Cohen was initiated as a brother of Zeta Beta Tau fraternity's Theta chapter where he served as treasurer. While in school, a friend helped him open a brokerage account with $1,000 of his tuition money.[6]

Investment career

Gruntal & Co. (1978–1992)

In 1978, after graduating from Wharton, Cohen got a Wall Street job as a junior trader in the options arbitrage department at Gruntal & Co.[6] His first day on the job at Gruntal & Co., he made an $8,000 profit. He would eventually go on to make the company around $100,000 a day[8] and eventually managed a $75 million portfolio and six traders.[6] Cohen was running his own trading group at Gruntal & Co. by 1984, and continued running it until he started his own company, SAC in 1992.[8]

Throughout the late 1980s, the Securities and Exchange Commission became suspicious that Cohen had used inside information in December 1985 when he bet that RCA and GE would merge, ahead of the announcement. The SEC called him to testify, but he refused to answer any questions, invoking his right against self-incrimination. Then, the SEC started looking into his other investments from the same period, especially those involving Brett K. Lurie.[9]

S.A.C. Capital Advisors (1992–2016)

In 1992, Cohen started S.A.C. Capital Advisors with $10 million of his own money and another $10 million from outside capital. The company's name 'SAC Capital' derived from Steven A. Cohen's initials.[10]

In 2003, the New York Times wrote that "SAC is one of the biggest hedge funds and is known for frequent and rapid trading."[11] In 2006, The Wall Street Journal reported that while Cohen was once a rapid-fire trader who never held trading positions for extended periods of time, he now holds an increasing number of equities for longer periods of time.[6][12]

As of 2009, the firm managed $14 billion in equity.[13]

Racketeering and insider trading charges

In December 2009, Cohen and his brother Donald T. Cohen were sued by Steven's ex-wife Patricia Cohen for racketeering and insider trading charges.[14] On March 30, 2011, the United States District Court in Lower Manhattan dismissed the case, but on April 3, 2013, the 2nd U.S. Circuit Court of Appeals in New York said a lower court had erred in dismissing fraud-based claims by his former spouse and revived the lawsuit.[15][16][2][17] The appeals court also revived claims of racketeering and breach of fiduciary duty while upholding the dismissal of an unjust enrichment claim.

Writing for a three-judge panel, Circuit Judge Pierre N. Leval said Patricia Cohen had made a "plausible" allegation that Steven Cohen had concealed the $5.5 million during negotiations on a separation agreement in 1989, which preceded the divorce. The revival of the lawsuit comes amid mounting pressure on Steven Cohen over an insider trading investigation that led to the arrest of Michael Steinberg, one of Cohen's closest confidantes at SAC Capital. SAC affiliates reached two civil insider trading settlements totaling nearly $616 million with the U.S. Securities and Exchange Commission. SAC neither admitted nor denied wrongdoing in either case.[18]

SEC investigation (2012–2016)

On November 20, 2012, Cohen was implicated in an alleged insider trading scandal involving an ex-SAC manager, Mathew Martoma.[19][20] The SEC brought charges against a number of other S.A.C. employees from 2010 to 2013 with various outcomes. Martoma was convicted in 2014, in what federal prosecutors billed as the most profitable insider-trading conspiracy in history.[21] The SEC later brought a civil lawsuit against Cohen, alleging his failure to supervise Martoma and Michael Steinberg, who was a senior employee and confidant of Cohen's.[22] Cohen settled his civil case with regulators in January 2016; the agreement with the SEC prohibited Cohen from managing outside money until 2018.[22]

S.A.C. Capital Advisors "pleaded guilty to insider trading charges in 2013 and paid $1.8 billion in penalties" and was required to stop handling investments for outsiders.[10] Cohen "escaped criminal indictment himself despite being the living, breathing heart of S.A.C. Capital,"[10] but Dr. Sidney Gilman, the star prosecution witness against Martoma, testified that FBI agents told him that Cohen was the investigation's ultimate target.[23] He was featured in a January 2017 The New Yorker article titled "When the Feds Went After the Hedge-Fund Legend Steven A. Cohen".[24]

Point72 Ventures (2014–present)

In 2014, Cohen founded Point72 Ventures, "a venture capital fund that makes early-stage investments".[25]

GameStop short squeeze

In January 2021, Cohen's hedge fund Point72 joined Ken Griffin's Citadel in putting $2.75 billion into Melvin Capital, the hedge fund of former Cohen protege Gabe Plotkin, as a result of the GameStop short squeeze.[26] Cohen was criticized by Barstool Sports founder Dave Portnoy for his role, to which Cohen responded that he was just "trying to make a living" via Twitter;[27] Cohen's behavior in this exchange was subsequently criticized by former New York sports icon Boomer Esiason, who said Cohen's comment "actually makes me sick to my stomach."[28][29] When asked by a New York Mets fan on Twitter, Cohen denied that his involvement with the short squeeze would have an effect on his willingness to spend money on the team, namely in the ongoing free agent signing period.[30] Cohen deactivated his Twitter account on the evening of January 29, 2021, purportedly an action taken by Cohen himself.[31][32] Cohen later stated that he stepped away from the platform due to an influx of threats against himself and his family.[33]

Wealth

In 2016, Forbes Magazine estimated Cohen's fortune at $13 billion, ranking him the 30th richest person in the United States.[34] Cohen was dubbed "the hedge fund king" in a 2006 The Wall Street Journal article. His 2005 compensation was reportedly $1 billion,[35] considerably higher than his 2001 compensation of $428 million.[8] In February 2015, Forbes listed Cohen as the highest-earning hedge fund manager in 2014.[36] In December 2013, Cohen's New York penthouse in the Bloomberg Tower was listed for sale for $98 million.[37] According to Institutional Investor, Cohen made an estimated $1.7 billion in 2020.[38]

New York Mets

Cohen became a minority owner of the New York Mets of Major League Baseball (MLB) in 2012, with an 8% stake in the baseball team.[39][40] On August 27, 2020, news sources announced that Cohen had entered into exclusive negotiations with Fred Wilpon and Saul Katz to buy a controlling interest in the Mets.[41] On September 14, 2020, an agreement was made to give Cohen majority control of the Mets, pending approval from MLB owners.[42] On October 20, MLB's ownership committee approved the Mets' sale to Cohen, awaiting final approval. On October 30, MLB owners officially approved the sale, making Cohen the new majority owner of the Mets and the richest owner in baseball.[3] On November 6, Cohen closed out the deal with Sterling Equities to officially become the new owner of the team.[43]

Cohen has also been active on Twitter, often taking suggestions from fans on how to improve the Mets baseball experience or giving his opinions on news around Major League Baseball. Cohen briefly deactivated the account in January 2021 in relation to his involvement with the GameStop short squeeze fallout.[32] He later re-activated his account on February 23, 2021.[44]

Philanthropy

Cohen has given $715 million to philanthropic causes throughout his life, including to charitable causes relating to veterans and children's health.[45]

Cohen serves on the board of trustees of the New York-based Robin Hood Foundation.[46]

Via the Steven & Alexandra Cohen Foundation, the Cohens have donated to projects involved in health, education, arts and culture, and the New York community.[47] In 2014, the Cohen Foundation provided funding, via the New York University Langone Center, for the study of post-traumatic stress and traumatic brain injury.[48] The foundation gave a grant in excess of $100,000 to the Bruce Museum of Arts and Science in 2014.[49] In 2019, the foundation contributed $50 million of the more than $400 million raised for the New York Museum of Modern Art. The museum announced in 2017 that MoMA's largest contiguous gallery will be called the Steven and Alexandra Cohen Center for Special Exhibitions. Cohen is on the board of the MoMa and LA MOCA.[50]

In April 2016, Cohen announced the creation and a commitment of $275 million to the Cohen Veterans Network.[51] The CVN's goal is to establish mental health centers for veterans and their families throughout the U.S.[51] The goal is the establishment of 20–25 centers by 2020.[51]

Cohen Veterans Bioscience, also funded by Cohen, conducts research into the effects of posttraumatic stress disorder on combat veterans.[51]

Politics

In 2015, Steven Cohen and his wife, Alexandra, donated $2.25 million to a Super PAC called America Leads that supported Chris Christie's presidential candidacy.[52]

In 2017, Cohen contributed $1 million to Donald Trump's inauguration.[53]

In 2021, Cohen donated $500,000 to a Super PAC supporting Andrew Yang's candidacy in the 2021 New York City Democratic mayoral primary, and a further $1.5 million to a Super PAC supporting Eric Adams.[54]

Art collection

Cohen's art collection is reported to be worth around $1 billion.[55]

The New York Times reported that Cohen began seriously collecting art in 2000.[56] Cohen's tastes and collection began with Impressionist painters, acquiring works by Manet and Monet, after which he moved quickly into contemporary art.[56]

While he has collected works from important emerging artists such as Adam Pendleton,[57] he is most famous for collecting 'trophy' art, signature works by famous artists,[58] including a Pollock drip painting from David Geffen for $52 million and Damien Hirst's The Physical Impossibility of Death in the Mind of Someone Living, a piece that the artist had bought back from Charles Saatchi for $8 million.[59]

In 2006, Cohen attempted to make the most expensive art purchase in history when he offered to purchase Picasso's Le Rêve from casino mogul Steve Wynn for $139 million. Just days before the painting was to be transported to Cohen, Wynn, who suffers from poor vision due to retinitis pigmentosa, accidentally thrust his elbow through the painting while showing it to a group of acquaintances inside of his office at Wynn Las Vegas. The purchase was canceled, and Wynn kept the painting[60] until early November 2012, when Cohen finally acquired the painting for $150 million.[2]

In May 2019, Cohen bought Jeff Koons's Rabbit for $91.1 million;[61] the purchase was made through Robert Mnuchin and was the most expensive work sold by a living artist at auction at the time.

Cohen owns or has owned artworks by Lucio Fontana, Alberto Giacometti, Willem de Kooning, Jeff Koons, Edvard Munch, Pablo Picasso, and Andy Warhol.[55][62][63][64] In 2015, he reportedly bought the world's most expensive sculpture, Alberto Giacometti's Man Pointing.[65] In November 2015, his art collection was estimated to be at about $1 billion.[55] Cohen is reportedly building a private museum for some of his artwork on his Greenwich property. Cohen had also placed Marc Quinn's Self, a head sculpture made of frozen blood, in the SAC lobby.[66]

Legacy and awards

In 2008 he was inducted into the Institutional Investors Alpha's Hedge Fund Manager Hall of Fame along with Alfred Jones, Bruce Kovner, David Swensen, George Soros, Jack Nash, James Simons, Julian Robertson, Kenneth Griffin, Leon Levy, Louis Bacon, Michael Steinhardt, Paul Tudor Jones and Seth Klarman.[67]

Family

Cohen has been married twice.[6] In 1979, he married Patricia Finke, a New York native from a working-class background who grew up in the Washington Heights, Manhattan neighborhood of New York City.[9] They have two children together.[9] They divorced in 1990.

In 1991 Cohen met Alexandra Garcia, a single mother of Puerto Rican descent. Garcia grew up in Washington Heights, moving there from her original home in the projects of Harlem.[9] They met through a dating service and was described that she "always wanted to marry a millionaire".[68] In 1998, he purchased a 35,000-square-foot (3,300 m2) home on 14 acres (57,000 m2) in Greenwich.[69][8]

See also

References

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  2. ^ a b c Lattman, Peter; Vogel, Carol (April 3, 2013). "Suit by Ex-Wife of SAC's Cohen Revived on Appeal". The New York Times. No. DealBook. New York. The New York Times Company. p. B1. from the original on April 4, 2013. Retrieved April 4, 2013.
  3. ^ a b Thosar, Deesha. "Steve Cohen officially approved as new principal owner of Mets". New York Daily News. Retrieved October 30, 2020.
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  29. ^ Elman, Jake (January 30, 2021). "Boomer Esiason Just Put New Mets Owner Steve Cohen on Notice in a Major Way". Sportscasting | Pure Sports. Retrieved January 30, 2021.
  30. ^ Roberts, Daniel (January 27, 2021). "Steven Cohen reassures Mets fans on his involvement in GameStop stock frenzy". Yahoo! Finance. Verizon Media. Retrieved January 29, 2021.
  31. ^ Healey, Tim (January 29, 2021). "Mets owner Steve Cohen's Twitter account deactivated". Newsday. Retrieved January 29, 2021.
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  33. ^ Newburger, Emma (January 30, 2021). "Hedge fund billionaire Steve Cohen leaves Twitter after family receives threats amid GameStop backlash". CNBC. Retrieved January 30, 2021.
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  35. ^ Pulliam, Susan (September 16, 2006). "The Hedge-Fund King is Getting Nervous". The Wall Street Journal. from the original on September 19, 2019. Retrieved June 12, 2019.
  36. ^ Vardi, Nathan (February 25, 2015). "The 25 Highest-Earning Hedge Fund Managers And Traders (2015)". Forbes. United States. Forbes Media LLC. from the original on May 6, 2016. Retrieved September 11, 2016.
  37. ^ Matt Chaban (December 31, 2013). "Stephen A. Cohen cuts the price on his $117M duplex in the Bloomberg Tower". Daily News (New York). from the original on January 1, 2014. Retrieved January 1, 2014.
  38. ^ Taub, Stephen (February 22, 2021). "The 20th Annual Rich List, the Definitive Ranking of What Hedge Fund Managers Earned in 2020". Institutional Investor. Retrieved March 3, 2021.
  39. ^ Svea Herbst-Bayliss (February 23, 2012). "SAC's Cohen buys small stake in New York Mets". Reuters. from the original on November 13, 2015. Retrieved July 2, 2017.
  40. ^ Flegenheimer, Matt; Kelly, Kate (March 26, 2023). "Steve Cohen's Amazin', Maddening, Money-Losing Bid to Own New York". The New York Times. Retrieved March 27, 2023.
  41. ^ Diamond, Miriam Gottfried and Jared (August 29, 2020). "Steven Cohen in Exclusive Talks to Buy Majority Stake in New York Mets". The Wall Street Journal. ISSN 0099-9660. from the original on August 29, 2020. Retrieved August 29, 2020.
  42. ^ Barrabi, Thomas (September 14, 2020). "Billionaire Steve Cohen to buy New York Mets for massive sum". FOXBusiness. from the original on September 17, 2020. Retrieved September 14, 2020.
  43. ^ Healey, Tim (October 30, 2020). "MLB owners, NYC approve sale of Mets to Steve Cohen". Newsday. Retrieved November 6, 2020.
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  45. ^ "Steve Cohen". Forbes. Retrieved June 10, 2021.
  46. ^ ThomasJr., Landon (February 4, 2006). "Up, Up and Away From Wall St". The New York Times. No. National. United States. The New York Times Company. p. C1. from the original on November 2, 2019. Retrieved November 2, 2019.
  47. ^ "Steven A. Cohen – Wall Street Donors | Individuals | Foundations – Inside Philanthropy". www.insidephilanthropy.com. from the original on April 28, 2016. Retrieved April 13, 2016.
  48. ^ Gordon, Amanda (April 6, 2016). "Steven Cohen Pledges $275 Million to Veteran Mental Health Care". No. Pursuits. United States: Bloomberg News. Bloomberg L.P. from the original on May 23, 2017. Retrieved November 2, 2019.
  49. ^ Bind, Barbara (November 9, 2014). "With new grant, Bruce Museum adds family programs". United States: Greenwich Time. Hearst Media Services Connecticut, LLC. from the original on November 2, 2019. Retrieved November 2, 2019.
  50. ^ "How New York's MoMA Raised More Than $400 Million for Its Expansion in Just Four Years". October 10, 2019. from the original on November 5, 2019.
  51. ^ a b c d Fox, Emily Jane (April 8, 2016). "Billionaire Hedge-Fund Manager Pledges $275 Million to Veteran Mental-Health Care". Vanity Fair. Condé Nast. from the original on April 25, 2018. Retrieved June 18, 2019.
  52. ^ Confessore, Nicholas (July 31, 2015). "Chris Christie 'Super PAC' Raises $11 Million From a Handful of Donors". The New York Times. No. FirstDraft. United States. The New York Times Company. from the original on April 26, 2019. Retrieved June 16, 2019.
  53. ^ Goldstein, Steve. "Steven A. Cohen among the million-dollar donors to Trump inauguration". MarketWatch. Retrieved January 27, 2021.
  54. ^ Rubinstein, Dana; Bromwich, Jonah E.; Glueck, Katie (June 21, 2021). "Who Are the Billionaires' Picks for New York Mayor? Follow the Money". The New York Times. The New York Times Company. Retrieved June 21, 2021.
  55. ^ a b c Kazakina, Katya (November 4, 2015). "Steve Cohen Is Trading Art Like Stocks". Bloomberg News. Bloomberg L.P. from the original on June 4, 2016. Retrieved May 23, 2016.
  56. ^ a b Landon, Thomas; Vogel, Carol (March 3, 2005). "A New Prince of Wall Street Buys Up Art". The New York Times. No. Business Day. New York. The New York Times Company. from the original on March 16, 2016. Retrieved April 16, 2016.
  57. ^ Gamerman, Ellen (April 16, 2015). "Adam Pendleton: The Making of an Art-World Star". The Wall Street Journal. Eastern Edition. No. Art. United States: The Wall Street Journal. Dow Jones & Company Inc. ISSN 0099-9660. from the original on February 25, 2019. Retrieved June 15, 2019.
  58. ^ Haden-Guest, Anthony (March 9, 2005). . Forbes. Archived from the original on July 4, 2008. Retrieved September 15, 2017.
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  62. ^ Goldstein, Matthew (January 19, 2016). "Morgan Stanley Provides Billionaire Steven Cohen With Loan Secured by Art". The New York Times. No. DealBook. New York. The New York Times Company. p. B6. from the original on February 5, 2016. Retrieved June 21, 2016.
  63. ^ Vogel, Carol (October 12, 2006). "Works by Johns and de Kooning Sell for $143.5 Million". The New York Times. from the original on June 6, 2013. Retrieved May 24, 2010.
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  65. ^ Smith, Emily (June 8, 2015). "Man who bought the world's most expensive sculpture revealed". Page Six. from the original on May 19, 2016. Retrieved June 21, 2016.
  66. ^ . The First Post. October 23, 2006. Archived from the original on November 28, 2006.
  67. ^ "Cohen, Simons, 12 Others Enter Hedge Fund Hall". Institutional Investor. Institutional Investor LLC. September 23, 2008. from the original on June 16, 2019. Retrieved June 16, 2019.
  68. ^ "Divorced, Never Separated".
  69. ^ Edmonston, Peter; Kouwe, Zachery (November 14, 2008). "For Steven Cohen, 35,000 Square Feet Isn't Enough". The New York Times. No. DealBook. New York, N.Y., United States. The New York Times Company. from the original on October 3, 2019. Retrieved June 15, 2019.

External links

  • To Catch a Trader – PBS Frontline documentary
  • When Wall Street Writes Its Own Rules
  • Burrough, Brian (May 24, 2011). "What's Eating Steve Cohen?". Vanity Fair.
  • . The First Post. October 23, 2006. Archived from the original on November 28, 2006.
  • Steven Cohen Accused of Failing to Prevent Insider Trading
  • "A New Prince of Wall Street Buys Up Art" – New York Times 2005 article profiling Cohen's art collection
  • Steven & Alexandra Cohen Foundation – official website
  • Steven Cohen’s Past Re-emerges to Cast Doubt on His Updated Image

April 11, 2023
steve, cohen, businessman, other, persons, with, similar, name, steve, cohen, disambiguation, steven, cohen, redirects, here, american, academic, steven, cohen, academic, steven, cohen, born, june, 1956, american, hedge, fund, manager, owner, york, mets, major. For other persons with a similar name see Steve Cohen disambiguation Steven A Cohen redirects here For the American academic see Steven A Cohen academic Steven A Cohen born June 11 1956 is an American hedge fund manager and owner of the New York Mets of Major League Baseball since September 14 2020 owning roughly 97 2 of the team 3 He is the founder of hedge fund Point72 Asset Management and now closed S A C Capital Advisors both based in Stamford Connecticut 4 Steven A CohenBorn 1956 06 11 June 11 1956 age 66 Great Neck New York U S Alma materWharton School of the University of PennsylvaniaOccupationsHedge fund managersports team ownerKnown forMajority owner of the New York Mets baseball teamFounding and leading S A C Capital AdvisorsPoint72 Asset ManagementInsider Trading Record Fine 1 8 billion 1 SpousesPatricia Finke m 1979 div 1990 wbr 2 Alexandra Garcia m 1992 wbr In 2013 the Cohen founded S A C Capital Advisors pleaded guilty to insider trading and agreed to pay 1 8 billion in fines 900 million in forfeiture and 900 million in fines in one of the biggest criminal cases against a hedge fund Cohen was prohibited from managing outside money for two years as part of the settlement reached in the civil case over his accountability for the scandal The hedge fund agreed to plead guilty to wire fraud and four counts of securities fraud and to close to outside investors 1 Cohen loosely inspired the character Bobby Axelrod played by Damian Lewis on the Showtime series Billions 5 Contents 1 Early life and education 2 Investment career 2 1 Gruntal amp Co 1978 1992 2 2 S A C Capital Advisors 1992 2016 2 3 Racketeering and insider trading charges 2 4 SEC investigation 2012 2016 2 5 Point72 Ventures 2014 present 2 6 GameStop short squeeze 3 Wealth 4 New York Mets 5 Philanthropy 6 Politics 7 Art collection 8 Legacy and awards 9 Family 10 See also 11 References 12 External linksEarly life and education EditCohen grew up in Great Neck New York where his father was a dress manufacturer in Manhattan s garment district and his mother was a piano teacher 6 He is the third of seven brothers and sisters He took a liking to poker as a high school student often betting his own money in tournaments and credits the game with teaching him how to take risks 6 Cohen graduated from John L Miller Great Neck North High School in 1974 where he played on the school s soccer team 7 Cohen received an economics degree from the Wharton School at the University of Pennsylvania in 1978 While in school Cohen was initiated as a brother of Zeta Beta Tau fraternity s Theta chapter where he served as treasurer While in school a friend helped him open a brokerage account with 1 000 of his tuition money 6 Investment career EditGruntal amp Co 1978 1992 Edit In 1978 after graduating from Wharton Cohen got a Wall Street job as a junior trader in the options arbitrage department at Gruntal amp Co 6 His first day on the job at Gruntal amp Co he made an 8 000 profit He would eventually go on to make the company around 100 000 a day 8 and eventually managed a 75 million portfolio and six traders 6 Cohen was running his own trading group at Gruntal amp Co by 1984 and continued running it until he started his own company SAC in 1992 8 Throughout the late 1980s the Securities and Exchange Commission became suspicious that Cohen had used inside information in December 1985 when he bet that RCA and GE would merge ahead of the announcement The SEC called him to testify but he refused to answer any questions invoking his right against self incrimination Then the SEC started looking into his other investments from the same period especially those involving Brett K Lurie 9 S A C Capital Advisors 1992 2016 Edit In 1992 Cohen started S A C Capital Advisors with 10 million of his own money and another 10 million from outside capital The company s name SAC Capital derived from Steven A Cohen s initials 10 In 2003 the New York Times wrote that SAC is one of the biggest hedge funds and is known for frequent and rapid trading 11 In 2006 The Wall Street Journal reported that while Cohen was once a rapid fire trader who never held trading positions for extended periods of time he now holds an increasing number of equities for longer periods of time 6 12 As of 2009 the firm managed 14 billion in equity 13 Racketeering and insider trading charges Edit In December 2009 Cohen and his brother Donald T Cohen were sued by Steven s ex wife Patricia Cohen for racketeering and insider trading charges 14 On March 30 2011 the United States District Court in Lower Manhattan dismissed the case but on April 3 2013 the 2nd U S Circuit Court of Appeals in New York said a lower court had erred in dismissing fraud based claims by his former spouse and revived the lawsuit 15 16 2 17 The appeals court also revived claims of racketeering and breach of fiduciary duty while upholding the dismissal of an unjust enrichment claim Writing for a three judge panel Circuit Judge Pierre N Leval said Patricia Cohen had made a plausible allegation that Steven Cohen had concealed the 5 5 million during negotiations on a separation agreement in 1989 which preceded the divorce The revival of the lawsuit comes amid mounting pressure on Steven Cohen over an insider trading investigation that led to the arrest of Michael Steinberg one of Cohen s closest confidantes at SAC Capital SAC affiliates reached two civil insider trading settlements totaling nearly 616 million with the U S Securities and Exchange Commission SAC neither admitted nor denied wrongdoing in either case 18 SEC investigation 2012 2016 Edit On November 20 2012 Cohen was implicated in an alleged insider trading scandal involving an ex SAC manager Mathew Martoma 19 20 The SEC brought charges against a number of other S A C employees from 2010 to 2013 with various outcomes Martoma was convicted in 2014 in what federal prosecutors billed as the most profitable insider trading conspiracy in history 21 The SEC later brought a civil lawsuit against Cohen alleging his failure to supervise Martoma and Michael Steinberg who was a senior employee and confidant of Cohen s 22 Cohen settled his civil case with regulators in January 2016 the agreement with the SEC prohibited Cohen from managing outside money until 2018 22 S A C Capital Advisors pleaded guilty to insider trading charges in 2013 and paid 1 8 billion in penalties and was required to stop handling investments for outsiders 10 Cohen escaped criminal indictment himself despite being the living breathing heart of S A C Capital 10 but Dr Sidney Gilman the star prosecution witness against Martoma testified that FBI agents told him that Cohen was the investigation s ultimate target 23 He was featured in a January 2017 The New Yorker article titled When the Feds Went After the Hedge Fund Legend Steven A Cohen 24 Point72 Ventures 2014 present Edit In 2014 Cohen founded Point72 Ventures a venture capital fund that makes early stage investments 25 GameStop short squeeze Edit In January 2021 Cohen s hedge fund Point72 joined Ken Griffin s Citadel in putting 2 75 billion into Melvin Capital the hedge fund of former Cohen protege Gabe Plotkin as a result of the GameStop short squeeze 26 Cohen was criticized by Barstool Sports founder Dave Portnoy for his role to which Cohen responded that he was just trying to make a living via Twitter 27 Cohen s behavior in this exchange was subsequently criticized by former New York sports icon Boomer Esiason who said Cohen s comment actually makes me sick to my stomach 28 29 When asked by a New York Mets fan on Twitter Cohen denied that his involvement with the short squeeze would have an effect on his willingness to spend money on the team namely in the ongoing free agent signing period 30 Cohen deactivated his Twitter account on the evening of January 29 2021 purportedly an action taken by Cohen himself 31 32 Cohen later stated that he stepped away from the platform due to an influx of threats against himself and his family 33 Wealth EditIn 2016 Forbes Magazine estimated Cohen s fortune at 13 billion ranking him the 30th richest person in the United States 34 Cohen was dubbed the hedge fund king in a 2006 The Wall Street Journal article His 2005 compensation was reportedly 1 billion 35 considerably higher than his 2001 compensation of 428 million 8 In February 2015 Forbes listed Cohen as the highest earning hedge fund manager in 2014 36 In December 2013 Cohen s New York penthouse in the Bloomberg Tower was listed for sale for 98 million 37 According to Institutional Investor Cohen made an estimated 1 7 billion in 2020 38 New York Mets EditCohen became a minority owner of the New York Mets of Major League Baseball MLB in 2012 with an 8 stake in the baseball team 39 40 On August 27 2020 news sources announced that Cohen had entered into exclusive negotiations with Fred Wilpon and Saul Katz to buy a controlling interest in the Mets 41 On September 14 2020 an agreement was made to give Cohen majority control of the Mets pending approval from MLB owners 42 On October 20 MLB s ownership committee approved the Mets sale to Cohen awaiting final approval On October 30 MLB owners officially approved the sale making Cohen the new majority owner of the Mets and the richest owner in baseball 3 On November 6 Cohen closed out the deal with Sterling Equities to officially become the new owner of the team 43 Cohen has also been active on Twitter often taking suggestions from fans on how to improve the Mets baseball experience or giving his opinions on news around Major League Baseball Cohen briefly deactivated the account in January 2021 in relation to his involvement with the GameStop short squeeze fallout 32 He later re activated his account on February 23 2021 44 Philanthropy EditCohen has given 715 million to philanthropic causes throughout his life including to charitable causes relating to veterans and children s health 45 Cohen serves on the board of trustees of the New York based Robin Hood Foundation 46 Via the Steven amp Alexandra Cohen Foundation the Cohens have donated to projects involved in health education arts and culture and the New York community 47 In 2014 the Cohen Foundation provided funding via the New York University Langone Center for the study of post traumatic stress and traumatic brain injury 48 The foundation gave a grant in excess of 100 000 to the Bruce Museum of Arts and Science in 2014 49 In 2019 the foundation contributed 50 million of the more than 400 million raised for the New York Museum of Modern Art The museum announced in 2017 that MoMA s largest contiguous gallery will be called the Steven and Alexandra Cohen Center for Special Exhibitions Cohen is on the board of the MoMa and LA MOCA 50 In April 2016 Cohen announced the creation and a commitment of 275 million to the Cohen Veterans Network 51 The CVN s goal is to establish mental health centers for veterans and their families throughout the U S 51 The goal is the establishment of 20 25 centers by 2020 51 Cohen Veterans Bioscience also funded by Cohen conducts research into the effects of posttraumatic stress disorder on combat veterans 51 Politics EditIn 2015 Steven Cohen and his wife Alexandra donated 2 25 million to a Super PAC called America Leads that supported Chris Christie s presidential candidacy 52 In 2017 Cohen contributed 1 million to Donald Trump s inauguration 53 In 2021 Cohen donated 500 000 to a Super PAC supporting Andrew Yang s candidacy in the 2021 New York City Democratic mayoral primary and a further 1 5 million to a Super PAC supporting Eric Adams 54 Art collection EditCohen s art collection is reported to be worth around 1 billion 55 The New York Times reported that Cohen began seriously collecting art in 2000 56 Cohen s tastes and collection began with Impressionist painters acquiring works by Manet and Monet after which he moved quickly into contemporary art 56 While he has collected works from important emerging artists such as Adam Pendleton 57 he is most famous for collecting trophy art signature works by famous artists 58 including a Pollock drip painting from David Geffen for 52 million and Damien Hirst s The Physical Impossibility of Death in the Mind of Someone Living a piece that the artist had bought back from Charles Saatchi for 8 million 59 In 2006 Cohen attempted to make the most expensive art purchase in history when he offered to purchase Picasso s Le Reve from casino mogul Steve Wynn for 139 million Just days before the painting was to be transported to Cohen Wynn who suffers from poor vision due to retinitis pigmentosa accidentally thrust his elbow through the painting while showing it to a group of acquaintances inside of his office at Wynn Las Vegas The purchase was canceled and Wynn kept the painting 60 until early November 2012 when Cohen finally acquired the painting for 150 million 2 In May 2019 Cohen bought Jeff Koons s Rabbit for 91 1 million 61 the purchase was made through Robert Mnuchin and was the most expensive work sold by a living artist at auction at the time Cohen owns or has owned artworks by Lucio Fontana Alberto Giacometti Willem de Kooning Jeff Koons Edvard Munch Pablo Picasso and Andy Warhol 55 62 63 64 In 2015 he reportedly bought the world s most expensive sculpture Alberto Giacometti s Man Pointing 65 In November 2015 his art collection was estimated to be at about 1 billion 55 Cohen is reportedly building a private museum for some of his artwork on his Greenwich property Cohen had also placed Marc Quinn s Self a head sculpture made of frozen blood in the SAC lobby 66 Legacy and awards EditIn 2008 he was inducted into the Institutional Investors Alpha s Hedge Fund Manager Hall of Fame along with Alfred Jones Bruce Kovner David Swensen George Soros Jack Nash James Simons Julian Robertson Kenneth Griffin Leon Levy Louis Bacon Michael Steinhardt Paul Tudor Jones and Seth Klarman 67 Family EditCohen has been married twice 6 In 1979 he married Patricia Finke a New York native from a working class background who grew up in the Washington Heights Manhattan neighborhood of New York City 9 They have two children together 9 They divorced in 1990 In 1991 Cohen met Alexandra Garcia a single mother of Puerto Rican descent Garcia grew up in Washington Heights moving there from her original home in the projects of Harlem 9 They met through a dating service and was described that she always wanted to marry a millionaire 68 In 1998 he purchased a 35 000 square foot 3 300 m2 home on 14 acres 57 000 m2 in Greenwich 69 8 See also EditList of University of Pennsylvania peopleReferences Edit a b Scannell Kara Foley Stephen November 4 2013 SAC to pay biggest insider fine of 1 8bn New York Financial Times Nikkei Archived from the original on November 5 2019 Retrieved December 4 2019 a b c Lattman Peter Vogel Carol April 3 2013 Suit by Ex Wife of SAC s Cohen Revived on Appeal The New York Times No DealBook New York The New York Times Company p B1 Archived from the original on April 4 2013 Retrieved April 4 2013 a b Thosar Deesha Steve Cohen officially approved as new principal owner of Mets New York Daily News Retrieved October 30 2020 Goldstein Matthew April 7 2014 SAC Capital Meet Point72 Asset Management The New York Times New York The New York Times Company p B5 Archived from the original on March 26 2019 Retrieved June 12 2019 Hyatt John January 21 2022 The Secret Behind TV Hit Billions Hanging Out With Billionaires Say Its Creators Forbes Retrieved September 17 2022 a b c d e f g Pulliam Susan September 16 2006 The Hedge Fund King Is Getting Nervous New York N Y United States The Wall Street Journal Dow Jones amp Company Inc p A1 Archived from the original on January 30 2015 Retrieved November 16 2009 Anderson Jenny Lattman Peter Creswell Julie December 22 2012 A Fascination of Wall St and Investigators The New York Times ISSN 0362 4331 Archived from the original on January 3 2019 Retrieved September 5 2020 a b c d Vickers Marcia July 21 2003 The Most Powerful Trader on Wall Street You ve Never Heard Of Bloomberg Businessweek Bloomberg L P Archived from the original on August 6 2016 Retrieved July 25 2006 a b c d Fishman Steve Dangremond Sam March 26 2010 Divorced Never Separated New York N Y United States New York Magazine New York Media LLC Archived from the original on August 2 2016 Retrieved April 21 2012 a b c Gapper John February 16 2017 How Steven Cohen survived an insider trading scandal Financial Times Nikkei Archived from the original on May 28 2017 Retrieved May 23 2017 Morgensonjan Gretchen January 15 2003 Wall St Analyst and Husband Under Scrutiny The New York Times United States The New York Times Company p C1 Archived from the original on December 26 2017 Retrieved June 15 2019 Fox Justin March 5 2007 Time 100 Steven Cohen Time Magazine Archived from the original on May 3 2010 Retrieved November 16 2009 Burton Katherine Saijel Kishan October 11 2009 SAC Said to Tell Clients a Review Found No Suspicious Trading Bloomberg com Retrieved November 16 2009 Bray Chad Strasburg Jenny December 17 2009 Steven Cohen Sued by Ex Wife The Wall Street Journal Eastern Edition New York The Wall Street Journal Dow Jones amp Company Inc p C4 ISSN 0099 9660 Archived from the original on December 2 2016 Retrieved January 4 2010 Ahmed Azam March 30 2011 Ex Wife s Suit Against Steven Cohen Is Dismissed The New York Times No DealBook United States The New York Times Company Archived from the original on April 2 2015 Retrieved April 2 2015 Vaughan Bernard Raymond Nate April 3 2013 SAC s Cohen must face fraud claims by ex wife No Business News New York Reuters Thompson Reuters Archived from the original on November 15 2017 Retrieved September 23 2013 Chung Juliet April 3 2013 New Divorce Fight for SAC s Cohen The Wall Street Journal Eastern Edition No Deals amp Deal Makers New York The Wall Street Journal Dow Jones amp Company Inc p C3 ISSN 0099 9660 Archived from the original on April 5 2015 Retrieved September 23 2013 SAC s Cohen must face fraud claims by ex wife www reuters com April 3 2013 Archived from the original on June 16 2019 Bray Chad November 20 2012 Steven Cohen Implicated in Alleged Insider Trading Scheme The Wall Street Journal Archived from the original on November 20 2012 Retrieved November 20 2012 Van Voris Bob Patricia Hurtado November 20 2012 Ex SAC Manager Martoma Charged in Record Insider Scheme Bloomburg Archived from the original on November 21 2012 Retrieved November 20 2012 McCoy Kevin February 6 2014 Martoma convicted in insider trading case USA Today Archived from the original on November 16 2016 Retrieved September 15 2017 a b Viswanatha Aruna Chung Juliet January 8 2016 Deal Ends SEC s Pursuit of Steven Cohen The Wall Street Journal Archived from the original on February 22 2017 Retrieved March 11 2017 Celarier Michael January 24 2014 Gilman Testifies Cohen was real FBI target NY Post Archived from the original on May 22 2018 Retrieved December 10 2017 Kolhatkar Sheelah January 16 2017 When the Feds Went After the Hedge Fund Legend Steven A Cohen The New Yorker Archived from the original on March 14 2017 Retrieved April 10 2017 Schott Paul May 14 2019 Cohen s Point72 Ventures announces eight figure investments No Business Stamford CT Stamford Advocate Hearst Media Services Connecticut LLC Archived from the original on May 18 2019 Retrieved June 18 2019 Steve Cohen s Point72 Loses 10 15 Amid Month s Hedge Fund Carnage Bloomberg January 28 2021 Retrieved January 28 2021 Graziosi Graig January 28 2021 Billionaire MLB owner Steven Cohen defiant after GameStop loss and says he s trying to make a living Independent Retrieved January 29 2021 Joyce Greg January 29 2021 Boomer Esiason unloads on Steve Cohen over GameStop madness Keep your mouth shut New York Post Retrieved January 30 2021 Elman Jake January 30 2021 Boomer Esiason Just Put New Mets Owner Steve Cohen on Notice in a Major Way Sportscasting Pure Sports Retrieved January 30 2021 Roberts Daniel January 27 2021 Steven Cohen reassures Mets fans on his involvement in GameStop stock frenzy Yahoo Finance Verizon Media Retrieved January 29 2021 Healey Tim January 29 2021 Mets owner Steve Cohen s Twitter account deactivated Newsday Retrieved January 29 2021 a b Baer Jack January 29 2021 Mets owner Steve Cohen deactivates Twitter account amid ruckus around GameStop stock Yahoo Sports Verizon Media Retrieved January 29 2021 Newburger Emma January 30 2021 Hedge fund billionaire Steve Cohen leaves Twitter after family receives threats amid GameStop backlash CNBC Retrieved January 30 2021 Steve Cohen Founder Point72 Asset Management Forbes United States Forbes Media LLC November 1 2019 Archived from the original on October 10 2019 Retrieved November 1 2019 Pulliam Susan September 16 2006 The Hedge Fund King is Getting Nervous The Wall Street Journal Archived from the original on September 19 2019 Retrieved June 12 2019 Vardi Nathan February 25 2015 The 25 Highest Earning Hedge Fund Managers And Traders 2015 Forbes United States Forbes Media LLC Archived from the original on May 6 2016 Retrieved September 11 2016 Matt Chaban December 31 2013 Stephen A Cohen cuts the price on his 117M duplex in the Bloomberg Tower Daily News New York Archived from the original on January 1 2014 Retrieved January 1 2014 Taub Stephen February 22 2021 The 20th Annual Rich List the Definitive Ranking of What Hedge Fund Managers Earned in 2020 Institutional Investor Retrieved March 3 2021 Svea Herbst Bayliss February 23 2012 SAC s Cohen buys small stake in New York Mets Reuters Archived from the original on November 13 2015 Retrieved July 2 2017 Flegenheimer Matt Kelly Kate March 26 2023 Steve Cohen s Amazin Maddening Money Losing Bid to Own New York The New York Times Retrieved March 27 2023 Diamond Miriam Gottfried and Jared August 29 2020 Steven Cohen in Exclusive Talks to Buy Majority Stake in New York Mets The Wall Street Journal ISSN 0099 9660 Archived from the original on August 29 2020 Retrieved August 29 2020 Barrabi Thomas September 14 2020 Billionaire Steve Cohen to buy New York Mets for massive sum FOXBusiness Archived from the original on September 17 2020 Retrieved September 14 2020 Healey Tim October 30 2020 MLB owners NYC approve sale of Mets to Steve Cohen Newsday Retrieved November 6 2020 Terranova Justin February 23 2021 Steve Cohen is back on Twitter after GameStop debacle New York Post Retrieved February 23 2021 Steve Cohen Forbes Retrieved June 10 2021 ThomasJr Landon February 4 2006 Up Up and Away From Wall St The New York Times No National United States The New York Times Company p C1 Archived from the original on November 2 2019 Retrieved November 2 2019 Steven A Cohen Wall Street Donors Individuals Foundations Inside Philanthropy www insidephilanthropy com Archived from the original on April 28 2016 Retrieved April 13 2016 Gordon Amanda April 6 2016 Steven Cohen Pledges 275 Million to Veteran Mental Health Care No Pursuits United States Bloomberg News Bloomberg L P Archived from the original on May 23 2017 Retrieved November 2 2019 Bind Barbara November 9 2014 With new grant Bruce Museum adds family programs United States Greenwich Time Hearst Media Services Connecticut LLC Archived from the original on November 2 2019 Retrieved November 2 2019 How New York s MoMA Raised More Than 400 Million for Its Expansion in Just Four Years October 10 2019 Archived from the original on November 5 2019 a b c d Fox Emily Jane April 8 2016 Billionaire Hedge Fund Manager Pledges 275 Million to Veteran Mental Health Care Vanity Fair Conde Nast Archived from the original on April 25 2018 Retrieved June 18 2019 Confessore Nicholas July 31 2015 Chris Christie Super PAC Raises 11 Million From a Handful of Donors The New York Times No FirstDraft United States The New York Times Company Archived from the original on April 26 2019 Retrieved June 16 2019 Goldstein Steve Steven A Cohen among the million dollar donors to Trump inauguration MarketWatch Retrieved January 27 2021 Rubinstein Dana Bromwich Jonah E Glueck Katie June 21 2021 Who Are the Billionaires Picks for New York Mayor Follow the Money The New York Times The New York Times Company Retrieved June 21 2021 a b c Kazakina Katya November 4 2015 Steve Cohen Is Trading Art Like Stocks Bloomberg News Bloomberg L P Archived from the original on June 4 2016 Retrieved May 23 2016 a b Landon Thomas Vogel Carol March 3 2005 A New Prince of Wall Street Buys Up Art The New York Times No Business Day New York The New York Times Company Archived from the original on March 16 2016 Retrieved April 16 2016 Gamerman Ellen April 16 2015 Adam Pendleton The Making of an Art World Star The Wall Street Journal Eastern Edition No Art United States The Wall Street Journal Dow Jones amp Company Inc ISSN 0099 9660 Archived from the original on February 25 2019 Retrieved June 15 2019 Haden Guest Anthony March 9 2005 Top Billionaire Art Collectors Forbes Archived from the original on July 4 2008 Retrieved September 15 2017 Smarthistory Hirst s Shark Interpreting Contemporary Art Archived November 26 2014 at the Wayback Machine video Beth Harris Sal Khan and Steven Zucker commentators 7 49 accessed December 19 2012 My Weekend in Vegas The Huffington Post October 16 2006 Archived from the original on October 24 2006 Retrieved October 18 2006 Mnuchin s Dad Bought a 91 Million Rabbit for Billionaire Steve Cohen Vanity Fair Archived from the original on May 26 2019 Retrieved December 8 2019 Goldstein Matthew January 19 2016 Morgan Stanley Provides Billionaire Steven Cohen With Loan Secured by Art The New York Times No DealBook New York The New York Times Company p B6 Archived from the original on February 5 2016 Retrieved June 21 2016 Vogel Carol October 12 2006 Works by Johns and de Kooning Sell for 143 5 Million The New York Times Archived from the original on June 6 2013 Retrieved May 24 2010 Vogel Carol November 18 2006 Landmark De Kooning Crowns Collection The New York Times Archived from the original on August 26 2011 Retrieved May 24 2010 Smith Emily June 8 2015 Man who bought the world s most expensive sculpture revealed Page Six Archived from the original on May 19 2016 Retrieved June 21 2016 An art shark on the trading floor The First Post October 23 2006 Archived from the original on November 28 2006 Cohen Simons 12 Others Enter Hedge Fund Hall Institutional Investor Institutional Investor LLC September 23 2008 Archived from the original on June 16 2019 Retrieved June 16 2019 Divorced Never Separated Edmonston Peter Kouwe Zachery November 14 2008 For Steven Cohen 35 000 Square Feet Isn t Enough The New York Times No DealBook New York N Y United States The New York Times Company Archived from the original on October 3 2019 Retrieved June 15 2019 External links EditTo Catch a Trader PBS Frontline documentary When Wall Street Writes Its Own Rules Burrough Brian May 24 2011 What s Eating Steve Cohen Vanity Fair An art shark on the trading floor The First Post October 23 2006 Archived from the original on November 28 2006 Steven Cohen Accused of Failing to Prevent Insider Trading A New Prince of Wall Street Buys Up Art New York Times 2005 article profiling Cohen s art collection Steven amp Alexandra Cohen Foundation official website Steven Cohen s Past Re emerges to Cast Doubt on His Updated Image Retrieved from https en wikipedia org w index php title Steve Cohen businessman amp oldid 1148296384, wikipedia, wiki, book, books, library,

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