Hedge fund manager Alan Howard reportedly paid $43 million for what turned out to be a stolen piece of art.
The New York Post reported that Howard, the co-founder of London-based Brevan Howard Asset Management, is currently in the center of an ongoing criminal court conspiracy and tax fraud trial of Vilma Bautista, the former aide of Filipino politician Imelda Marcos. Bautista allegedly stole Monet’s “Japanese Footbridge Over the Water-Lily Pond” from Marcos and sold the artwork to Howard in 2010 through dealer Hazlitt, Gooden & Fox.
The article added that Howard paid $10 million to a class action group, which is comprised of about 10,000 people who claimed that they were human rights victims under the Marcos regime, in exchange for a legal release on any claims over the painting, and has also struck a deal barring the group from disclosing his name or taking legal action against Hazlitt, Gooden & Fox.
Howard, who launched Brevan Howard in 2002 with four other Credit Suisse traders, is worth about an estimated $1.6 billion.