Michael H. Steinhardt, the billionaire hedge fund pioneer and one of New York’s most prolific antique collectors, handed over 180 stolen items worth $ 70 million and was banned for life from ‘acquire more relics, the Manhattan district attorney’s office said in a statement on Monday. .
The prosecutor’s office struck a deal with Mr Steinhardt after a four-year multinational investigation that determined that the seized coins had been looted and smuggled from 11 countries, trafficked by 12 illicit networks and appeared on the international market for l art without legal papers, the office mentioned.
“For decades, Michael Steinhardt has displayed a rapacious appetite for looted artifacts regardless of the legality of his actions, the legitimacy of the pieces he bought and sold, or the severe cultural damage he caused through the world, ”District Attorney Cyrus Vance Jr. said, adding,“ This agreement establishes that Steinhardt will be subject to an unprecedented lifetime ban on acquiring antiques. “
Mr. Steinhardt, a Brooklyn native who turns 81 on Tuesday, is a major contributor to New York University and many Jewish philanthropies. There is a Steinhardt Conservatory at the Brooklyn Botanic Garden and a Steinhardt Gallery at the Metropolitan Museum of Art.