New York (HedgeCo.Net) – N.Y. District Judge Richard Sullivan has signed off on a $900 million judgment, part of the $1.2 billion settlement reached by the SEC and hedge fund billionaire Steven Cohen. The settlement is the largest insider trading penalty in history.
Cohen’s bid for the NY Mets may fall through as a result. “The potential ownership market is too strong for baseball to keep Cohen on the short list,” Paul Swangard, the director at Warsaw Sports Marketing Center at the University of Oregon, said, according to Reuters. “The potential relationship comes with too much baggage.”
Cohen placed a bidding on the LA Dodgers and although he didn’t buy, was looking into the San Diego Padres.
Business Insider reports that in another stroke of bad luck, the painting “Mann und Frau (Umarmung)” by Schiele, widely rumored to be owned by the billionaire, did not receive a single bid at a Christie’s auction yesterday.
Alex Akesson
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alex@hedgeco.net
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