Skip to content

Manhattan DA Vance says hedge fund pioneer Michael Steinhardt surrendered 180 stolen antiquities value $70 million


    Michael Steinhardt

    Scott Eels | Bloomberg | Getty Images

    Manhattan District Attorney Cyrus Vance Jr. stated Monday that hedge fund pioneer and philanthropist Michael Steinhardt has surrendered 180 stolen antiquities valued at $70 million and has been banned for all times from receiving antiquities.

    The DA’s workplace stated in an announcement that the dedication of the gadgets comes after an investigation started in 2017 into billionaire Steinhardt’s “criminal conduct.” According to the DA’s workplace, the settlement ends a grand jury investigation of Steinhardt, that means he is not going to be criminally charged.

    The workplace stated “the confiscated pieces were looted and illegally smuggled out of 11 countries, smuggled by 12 criminal smuggling networks, and lacked verifiable provenance before being displayed on the international art market.” Was.”

    Vance said the settlement with Steinhardt, 80, would return the stolen items to their rightful owners in those countries, rather than as evidence “to finish a grand jury indictment, trial, potential sentencing and sentencing.”

    settlement It comes three years after investigators raided Steinhardt’s office and home as part of the Vance investigation., The DA stated Steinhart’s settlement to simply accept a lifetime ban on receiving antiquities was “unprecedented.”

    “Even although Steinhardt’s a long time of indifference to the rights of the folks to their sacred treasury is appalling, the pursuits of justice earlier than indictment and trial favor a decision that ensures that a substantial amount of harm to world cultural heritage is undone. Will occur, as soon as and for all,” Vance stated.

    Steinhardt based his firm Steinhardt Partners LLP in 1967. He closed the hedge fund in 1995. Steinhardt also served as chairman of the board for 15 years. NS Wisdom Tree Investing Before retiring in 2019.

    Steinhardt’s attorneys, Andrew Lavender and Theodore Wells Jr., said in a statement: “Mr. Steinhardt is happy that the District Attorney’s years-long investigation has ended with out cost, and that others have wrongly claimed Items shipped can be returned to their place of birth. nations.”

    “Many of the sellers from whom Mr. Steinhardt bought these things made particular representations as to the legitimate title of the sellers to the products and their alleged origin,” the lawyer said. “As far as these representations are false, Mr. Steinhardt reserves the fitting to hunt reimbursement from the sellers concerned.”

    The DA’s office said the investigation began when investigators examined a statue of a Lebanese bull’s head, which was stolen during the Lebanese Civil War.

    That investigation determined that Steinhardt had purchased that multi-million dollar statue and later loaned it to the Metropolitan Museum of Art in New York City, the office said. That statue was confiscated, as was another marble statue of a calf, also from Lebanon, and which Steinhart also bought for millions of dollars.

    “In the method of uncovering the Lebanese statues, the DA’s workplace discovered that Steinhardt had extra looted antiquities in his residence and workplace, and shortly thereafter, he was concerned within the acquisition, possession and sale of greater than 1,000 antiquities. The grand jury has launched a felony investigation since not less than 1987, the workplace stated.

    “As part of this investigation into criminal conduct by Steinhardt, the DA’s office executed 17 judicially-ordered search warrants and conducted joint investigations with law-enforcement authorities in 11 countries: Bulgaria, Egypt, Greece, Iraq, Israel. , Italy, Jordan, Lebanon, Libya, Syria and Turkey.

    CNBC Politics

    Read more about CNBC’s politics coverage:

    Vance said in a statement, “For a long time, Michael Steinhardt has held a popularity for looted artifacts with out concern for the legitimacy of his works, the legitimacy of the items he purchased and offered, or the intense cultural hurt he brought about all over the world.” displayed intense hunger.”

    Vance stated, “There were no geographic or moral limits in their search for ‘new’ additions to display and sell, as reflected in the vast underworld of antiques smugglers, crime lords, money launderers and tomb raiders, in which But he relied on it to expand his collection.”

    In 2019, The New York Times reported that Steinhardt was accused of sexual assault by six women. He denied blame.

    The Times report, which additionally cited a lawsuit filed by one other girl, stated that when the ladies sought assist from the philanthropist he made sexual requests. The Times additionally reported that Steinhart appeared in two sexual assault lawsuits, however was not named as a defendant in both case.

    The Steinhardt Foundation for Jewish Life referred to as the Times report “deliberately defamatory”.

    But in an announcement, the inspiration additionally stated that Steinhardt’s “sense of humor may be insensitive, and he apologized for the unintended bad feelings his comments caused.” The web site features a assertion from the billionaire, who denies attempting to the touch anybody inappropriately.

    Vance’s workplace particulars a number of gadgets surrendered by Steinhardt.

    they embrace:

    • Stag’s Head Ryton, depicting a finely sculpted stag head because the ceremonial vessel for libation, was bought from The Marine Gallery in November 1991 for $2.6 million. This merchandise, which dates again to 400 BC, first appeared on worldwide artwork with out origin. Market after mass looting in Milas, Turkey. In March 1993, Steinhardt loaned the Met to Stag’s head Ryton, the place it remained till the DA’s workplace utilized for it and acquired a warrant to confiscate it. Today, Stagg’s head Ryton is value $3.5 million.
    • The larynx is a small chest for human stays from the Greek island of Crete, dated to between 1400–1200 BC, bought for $575,000 in October 2016 from recognized antiquity smuggler Eugene Alexandravia Seychelles-headquartered FAM Services. Alexander instructed Steinhardt to pay for FAM providers via SATABank. A Malta-based monetary establishment was later suspended for cash laundering. Complaining a few summons requesting an authentic doc for a special stolen antiquity, Steinhardt pointed to the larynx and informed an ATU investigator: “You see this piece? No origin for it.” If I see a chunk and I find it irresistible, I get it.” Today, the larynx is worth $1 million.
    • Ercolano Fresco purchased without prior origin for $650,000 in November 1995 from convicted antiquities smuggler Robert Hechtand and his antiquities restorer Harry Burkey. The Ercolano Fresco, depicting an infant Hercules strangling a snake sent by Hera to kill him, dates to 50 CE and was robbed. From a Roman villa in the ruins of Herculaneum near modern Naples in the shadow of Mount Vesuvius, 1995. It first appeared on the international art market on November 10, 1995, when Hecht’s business partner wrote to Steinhardt about “the crate being delivered to you quickly”. Today, Ercolano Fresco is worth $1 million.
    • The Gold Bowl was plundered from Nimrud, Iraq and bought in July 2020 from Svatoslav Konkin for $150,000 with none prior origin. In early 2015, gadgets have been smuggled out of Nimrud when Islamic State in Iraq and the Levant (ISIL) focused cultural heritage from Nimrud. , Hatra, and Khorsabad, particularly antiquities made from gold or treasured steel. The Gold Bowl, which is crafted of gold with a scalloped flower design, first appeared on the worldwide artwork market in October 2019, when a Customs and Border Patrol officer knowledgeable the DA’s workplace that Konkin was touring from Hong Kong to Newark, New York. was on the flight. Jersey, hand-carrying the Gold Bowl to Steinhardt. Today, the Gold Bowl is value $200,000.
    • Three loss of life masks from recognized antiquities smuggler GIL Tea have been bought in October 2007 for $400,000, lower than a 12 months after they have been revealed on the worldwide artwork market. Death masks (about 6000 to 7000 BC) have been carved from stone and originated within the foothills of the mountains of Judea, almost definitely at Shefella in Israel. They are seen surrounded by mud and coated with grime in pictures recovered by Israeli law-enforcement officers. Today, the Death Mask is value $650,000.



    Source link

    Leave a Reply

    Your email address will not be published. Required fields are marked *