Troubled hedge fund manager Steve Cohen will auction several pieces from his extensive art collection as he faces mounting legal bills and penalties related to criminal insider trading charges against his fund, SAC Capital Advisors.
The New York Times reported that Cohen has put two major paintings by Andy Warhol and an abstract piece by Gerhard Richter for sale. The piece will be auctioned by Sothbeby’s at a contemporary art auction in New York next month.
The article also said that the three paintings are part of a larger group of Cohen’s art collection that will be put up for auction.
Connecticut-based SAC Capital was charged in July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The Securities and Exchange Commission also charged Cohen for failing to prevent insider trading at his firm.
SAC Capital, which has paid a $616 million civil regulatory fine earlier this year, is currently facing a $2 billion fine to settle criminal insider trading charges.