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Greenwich's Steven Cohen Reportedly Plans Art Sales As Legal Bills Mount

Steven A. Cohen, manager of SAC Capital Advisers, is selling off three prominent works of art to help pay for mounting legal bills and potential fines against his company.
Steven A. Cohen, manager of SAC Capital Advisers, is selling off three prominent works of art to help pay for mounting legal bills and potential fines against his company. Photo Credit:

GREENWICH, Conn. -- Billionaire hedge fund manager Steven A. Cohen of Greenwich will be auctioning off two paintings by Andy Warhol and an abstract canvas by Gerhard Richter because of mounting legal bills, according to The New York Times .

The three works are estimated to sell for $27 million to $40 million, which would cover only a fraction of Cohen's potential legal fines and penalties, the report said. Cohen's Stamford-based SAC Capital Advisers is facing charges of insider trading, which could cost Cohen, who owns 100 percent of the firm, nearly $2 billion, according to The New York Times.

SAC has already agreed to pay $616 million to settle two civil insider-trading actions brought by the Securities and Exchange Commission, according to The New York Times.