Ex-hedge fund manager returns loot of stolen antiques

Posted on Dec 11, 2019 2021 at 9:00Updated 11 Dec. 2021 at 9:03

Michael Steinhardt, the former manager of one of the oldest hedge funds with that of George Soros, will have to part with 180 sculptures, rare objects sometimes dating back to antiquity. His private museum, with a total estimated value of $ 70 million, was of criminal origin. The goods came from thefts in around ten countries (Greece, Turkey, etc.) carried out by mafias specializing in the trafficking of cultural goods. Justice accuses the former hedge fund manager for his lack of vigilance when buying these objects often stolen during wars or conflicts.

“For decades, Michael Steinhardt developed a greedy appetite for looted goods regardless of the legality of his actions or the legitimacy or origin of the coins he bought,” argued Cyrus Vance, the New York County District Attorney. Punishment, it is now forbidden for life to acquire antiques. He escapes a trial thanks to his collaboration with the justice system and the restitution of the objects. His lawyers point out that many art dealers had provided false certificates attesting to the legality of the provenance of the objects.

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