The Sweet Life of Steven Cohen

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July 26 (Bloomberg) -- Douglas Burns, Counsel & Lawyer at the Law Office of Douglas T Burns, discusses wealth accumulated by Steven Cohen and how that may be affected by the coming legal battles of SAC Capital. He speaks on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)


It's not just the cash that he has, but his investments.

Like his artwork that really get people's attention.

That's right.

If you look at his fortune, about $7.5 billion held in s.a.c. funds and about $1.5 out of it that includes real estate.

He has a huge estate.

He has an apartment at one beacon place here in new york.

It's just above this building.

And he also has a tremendous art collection.

Van gogh, famously bought one a couple months ago.

Didn't he buy that after s.a.c. settled with the s.e.c.? it was reported afterwards.

You can't usually tell when these things happen.

He was actually scheduled to buy it a couple of years ago and then it was accidentally torn.

So now the question to the lawyer, how much is at risk?

We know he himself has not been criminally charged.

His firm has.

Let me give you the commonsense legal standard which is there has to be a nexus shown between the crime and the property.

Simple example would be, i do a crime, i get $1 million, i buy a painting.

If they can establish that i bought the painting with the proceeds of the crime, show the linkage, the traceability and the nexus, they can take the painting where it get morse complicated is which are get $1 million in the crime and i use $1 million from the crime and $3 million other dollars and this comes up by the way more with respect to accounts.

Bank accounts, securities accounts.

And there's a whole body of jurisprudence which we'll address in a couple of minutes with co-mingled funds.

Can you take it all?

And that's really a key legal issue.

And same thing with the estates, with the various properties that he owns?


This happens all the time.

I'm in cases every day of the week, obviously, i'm in one

This text has been automatically generated. It may not be 100% accurate.


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