Michael Steinhardt, Billionaire, Surrenders $70 Million in Stolen Relics
The New York Times
The hedge fund pioneer is barred for life from buying more antiquities. He turned over 180 stolen objects that had decorated his homes and office.
Michael H. Steinhardt, the billionaire hedge fund pioneer and one of New York’s most prolific antiquities collectors, has surrendered 180 stolen objects valued at $70 million and been barred for life from acquiring any other relics, the Manhattan district attorney’s office said in a statement Monday.
The prosecutor’s office struck an agreement with Mr. Steinhardt after a four-year multinational investigation that determined that the seized pieces had been looted and smuggled from 11 countries, trafficked by 12 illicit networks and appeared on the international art market without lawful paperwork, the office said.
“For decades, Michael Steinhardt displayed a rapacious appetite for plundered artifacts without concern for the legality of his actions, the legitimacy of the pieces he bought and sold, or the grievous cultural damage he wrought across the globe,” District Attorney Cyrus Vance Jr. said, adding: “This agreement establishes that Steinhardt will be subject to an unprecedented lifetime ban on acquiring antiquities.”
