Indictment Won’t Stop Steve Cohen from Hosting a Hamptons Tuna Party
Nitasha Tiku, 29 July 2013
Try as they might, the feds haven’t been able to slow Steve Cohen’s roll.
Force his $14 billion hedge fund, SAC Capital, pay a $616 million settlement for insider trading accusations? He goes out and buys a Picasso and a second Hamptons manse down the road from his first one. Serve SAC Capital a five-count criminal indictment for insider trading? He throws a flashy party at his 9,000 square foot estate on Further Road.
According to Reuters:
The lavish affair, which one source said included delivery of $2,000 worth of tuna from a local fish store to Cohen’s home, was planned before the charges were filed. A person familiar with the event said the party, attended by a few dozen people, was intended by the 57-year-old manager to show support for ovarian cancer research, though it was not a fundraiser.
What better way to demonstrate your commitment to philanthropy than by donating $2,000 of tuna to the 1 percent. At this point, Cohen’s just a few dance moves shy from his own Scorsese biopic.
SAC Capital has plead not guilty to insider trading charges, which stopped shy of accusing Cohen of personal wrong doing. Hedge fund insiders told Reuters that Saturday’s shindig was a sign of Cohen’s “fierce determination to carry on business as usual.”
