Steven Cohen Accused of $300 million Secret By Ex-Wife

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If you thought your divorce was unpleasant, or even if you’ve been finding the McCourt’s public separation hard to swallow, just wait until you hear what Steven Cohen’s ex-wife, Patricia, is accusing him of and what she is asking from him nearly 21 years after they divorced in 1988.

Steven Cohen may be one of America’s wealthiest hedge-fund tycoons with a net value of $5.5 billion, but he is also a publicity-shy figure, who lives quietly in his Connecticut enclave of Greenwich with an ice rink, a two-hole golf course, and a private cinema. He is a noted art collector who owns iconic works by artists such as Damien Hirst.

But this typically private man is about to be thrown unwillingly into the public eye as his ex-wife, Patricia, has filed a potentially damaging lawsuit accusing him of “racketeering, insider trading, and augmenting his fortune through repeated acts of fraud.” Patricia is asking for “$300 million in compensation, claiming Steven lied about his finances in a settlement following the couple’s divorce back in 1988 after a nine-year marriage.” Talk about bringing up the past.

Steven’s hedge fund, SAC Capital, began in 1992 as a nine-person operation and today it is a true financial empire with 800 employees and a $12.9 billion of assets under its belt. The lawsuit filed against Steven by his ex-wife accuses him of “violating a U.S. racketeering act usually used to target organized crime rings.” Patricia claims that her ex-husband conducted the affairs of SAC Capital through a “pattern of racketeering activity involving repeated acts of mail and wire fraud.”

The extraordinary amount of compensation Patricia is asking from him is derived from an alleged sum of millions of dollars that he supposedly hid from her in a string of bank accounts and a multitude of property transactions with  Brett Lurie, a property manage who fled to Costa Rica to escape U.S. fraud convictions.

The lawsuit says, “Cohen’s fraudulent concealment of his activities from Ms. Cohen was consistent with a pattern of highly secretive conduct that has long characterized his business and personal affairs.”

A spokesman for Steven had little to say about the suit except, “These are ludicrous allegations made by a former spouse that are entirely without merit.”

The Cohen’s have two children together.


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