Traders from Steven A. Cohen's beleaguered SAC Capital Advisors continue to leave for rival shops.

Join the conversation about this story »

Billionaire hedge fund manager Steve Cohen, whose S.A.C. Capital has come under scrutiny lately, is having a hard time unloading some expensive art and real estate.

He failed to sell some high-priced art at a November auction after his firm swallowed a record $1.2 billion fine.

And he recently knocked the price on his gorgeous Upper East Side duplex penthouse from $115 million to $98 million, according to The New York Daily News.

He bought the place for $24 million back in 2005, and hired late architect Charles Gwathmey to transform the space.

It really is breathtaking. If you're wondering, the odd sculpture in the corner is a depiction of Pablo Picasso by Maurizio Cattelan.

Corcoran has the details of the 9,000 square foot, 6 bedroom, 6.5 bathroom apartment at One Beacon Court. Anyway, let's take a tour of Cohen's apartment. 

The apartment features a stunning living room with 24 foot ceilings.

Here's another angle of the living room.

There's a chef’s kitchen with stainless steel appliances.

On Tuesday night at 10:00 pm EST,'Frontline' will air its 'To Catch A Trader' documentary about how the FBI investigated some of the biggest insider trading cases in the last decade.

Of course billionaire Steve Cohen's hedge fund, SAC Capital, gets a l0t of attention.

Part of that is because 'Frontline' was able to obtain never-before-published video of Steven Cohen's deposition in a case involving hedge funds and Canadian firm Fairfax Financial.

SAC, along with a number of other hedge funds, was accused of colluding to bring down the company's stock.

You can watch some of his deposition here. All in all, it shows that Cohen lacks a mastery of basic regulation. He says that rules about insider trading are "vague," for example.

If that sounds out of this world, the way the documentary's director, Nick Verbitsky, got that footage is even crazier. He told Bloomberg columnist William Cohan that an anonymous source left it on a USB drive hidden in between some scaffolding in the building across the street from Frontline's NYC office.

Frontline's timing with this is pretty perfect. SAC was just forced to return all outside investor money and become a family office after federal settling charges of insider trading this fall.

On top of that former SAC portfolio manager Mathew Martoma's insider trial begins today.

So you may want to brush up on your recent history with 'Frontline' on Tuesday night.

Join the conversation about this story »

Just in time for Frontline's big exposé of beleaguered hedge fund SAC Capital and the insider trading trial of its former employee Mathew Martoma, someone is auctioning off a SAC fleece on eBay.

"Own a piece of history," writes eBay user madinny.

Bidding starts at $1,500 for the "coveted original blue version" of the SAC jacket and three other hedge fund fleeces.

Why such a high price? "I need to pay my health insurance for a few months and having these places on my resume hasn’t worked out too well," madinny writes.

Here's the description on eBay (from Dealbreaker via Dealbook's Matthew Goldstein):

This package includes 4 hedge fund fleece jackets, including the coveted original blue version of the S.A.C. Capital (being profiled on Frontline this Tuesday January 7th at 10pm on PBS), all in size XL. All are in very good condition, SAC and Sigma (made by Vantage) have been worn but are in good condition, the Stratix (made by Lands End) is mint, and the Quadrum (made by Port Authority) is unworn with original tags. All 4 hedge funds have been in the news recently, own a piece of history! Best of all you don’t even need to get screamed at, be told you are useless, sell your soul, have your hair go gray or worse yet lose it altogether… There is a high minimum as I need to pay my health insurance for a few months and having these places on my resume hasn’t worked out too well. Copy of resume will be included free of charge…

SEE ALSO: 'Frontline' Got Steve Cohen's Deposition Video Off A Bugs Bunny USB Drive From An Anonymous Source

Join the conversation about this story »

Think this would make a difference?

Today, jury selection will begin in the insider trading case against Mathew Martoma, a former portfolio manager at embattled hedge fund SAC Capital. But before attorneys could argue before the jury, Martoma's lawyers tried to set an interesting term — they wanted to ban the use of the word "greed" during the trial.

This request didn't go over well, according to the NYT:

In a ruling on Monday, the judge presiding over the trial, Paul G. Gardephe, barred prosecutors from introducing evidence of Mr. Martoma’s fainting spell. But he decided to allow prosecutors to use the word “greed” during the trial, despite concerns raised by Mr. Strassberg that the word could be used as a way to “tap into the anger out there against Wall Street.”

Remember, Martoma fainted in his front yard when the FBI took him in.

Martoma is accused of passing inside information to Steve Cohen, the founder of SAC Capital, that made the firm $276 million. It's the latest in a string of cases against SAC, which last year pleaded guilty to federal insider trading charges, returned outside investor money, and became a family office.

Mr. Cohen is paying Mr. Martoma's legal fees, and Martoma has not implicated Mr. Cohen in any charges.

Now, about this anger against Wall Street. It has two very dangerous characteristics for Mr. Martoma. First, it's real and second, it's simple.

You hear it all the time during cases involving Wall Street's misdeeds — the jury doesn't understand the case, the crime, or the victim. Most recently, it was repeated over and over again during the trial of Goldman Sachs' Fabrice Tourre.

"Some members of the nine-person jury appeared to fall asleep as one expert witness testified to the ins-and-outs of the deals," Tracy Alloway reported in the FT.

But Tourre's case was more complicated than Martoma's matter. Using the word greed makes it simpler still.

All that said, you may want to review the finer points of SAC Capital's history with insider trading charges. Frontline, tonight, will air a documentary on this topic at 10:00 pm EST. That should get you prepped.

Join the conversation about this story »

The SAC Capital Advisors brand starts 2014 severely sullied, but that negative reputation hasn't stopped recent alums of the firm from raising piles of cash.

Investors have poured hundreds of millions of dollars into hedge funds run by Jason Karp, Aaron Cowen and James "Jos" Shaver, for example, and more is on the way. Together, they make up a class of successful recent fund launches, easily powering through any negative connotation the SAC association has on their resume.

Their success also points to other potentially successful spin-offs as the parent firm downsizes and transitions to a family office for billionaire founder Steven A. Cohen.

"Investors know it's not fair to paint everyone from SAC with the same brush. They're much more focused on merit to figure out who is a good candidate to invest with or hire," said Sasha Jensen, founder of hedge fund-focused recruiting firm HFE Search. "Having SAC on your resume isn't a black mark."

Karp's Tourbillon Capital Partners is a prime example.

Karp worked at SAC's CR Intrinsic unit from 2005 to 2009, where he was a generalist portfolio manager and director of research. After a stop as co-chief investment officer of Carlson Capital, Karp launched his own long/short equity hedge fund firm on Jan. 14, 2013 with about $250 million under management, half of it from U.K. pension funds.

Tourbillon has sucked in assets ever since.

The firm managed $750 million as of Jan. 1, according to a person familiar with the situation, and plans to add about $250 million more from investors over the second quarter. The fund plans to stop all new investment at about $1 billion, known as a "hard close."

Investors were evidently focused on Karp's investing skills. Tourbillon's flagship fund gained 20.7 percent net of fees in 2013, about the same as at SAC and nearly twice the return of the Absolute Return Global Equity Index, which gained 11.85 percent through November.

Impressively, the return was accomplished with an average net exposure over 2013 of 14.5 percent, meaning Tourbillon long bets on stocks barely outweighed its shorts. Some of the best performing hedge funds had exposures closer to 35 percent or 40 percent as of December.

Successful long trades included Japanese tech company SoftBank and Chinese online travel business Ctrip.com, according to investor letters obtained by CNBC.com.

Amy Zipper, Tourbillon's chief operating officer, declined to comment.

(Read more: No letup on risk for hedge funds this December)

Cowen's Suvretta Capital Management is another fast-rising fund run by an SAC alum.

Cowen worked as chief investment officer at SAC from 2008 to 2010, where he co-managed the firm's multi-billion dollar central investment portfolio with Cohen himself.

After time at Soros Fund Management in between, Cowen launched Suvretta, a long/short equity focused firm. The shop's funds opened to outside capital in October 2012 and attracted $165 million as of Jan. 1, 2013.

But thanks to a strong 26.3 percent net gain in 2013, the firm has more than $700 million as of Jan. 1 this year, according to investor materials obtained by CNBC.com. Cowen declined to comment.

(Read more: Hot new eBay item: SAC Capital polar fleece)

A third example is Shaver's Electron Capital Partners.

The firm's utility and infrastructure stock-focused team and strategy was part of SAC from 2008 to 2012 and managed an average of$1.3 billion. Shaver spun out and opened Electron to external investors on May 1 with $20 million.

Electron has already grown to $191 million after gaining 14.72 percent net of fees from March through December 2013, according to investor materials obtained by CNBC.com. That's more than double the MSCI World Utilities Index gain of 7.20 percent over the same period. Recent winners include long bets on the stocks of energy companies NRG Yield and Pattern Energy. Shaver declined to comment.

Of course, not all SAC alums have fared as well.

Paul Orwicz, a portfolio manager at SAC for 11 years, left to launch Sursum Capital Management in March 2010 and raised significant assets to run $720 million by April 2011. But double-digit losses in 2011 causes Orwicz to shut the long/short equity firm and rejoin SAC.

(Read more: Jury finds SAC Capitol Advisors' Michael Steinberg guilty)

A more recent stumble came at Adams Hill Partners, run by SAC alum Andrew Schwartz. An SAC portfolio manager from 2004 to 2012, Schwartz raised $334 million from investors as of Dec. 1, 2013 after launching in January 2013.

But redemptions could come after his industrials, mining and materials-focused fund performed poorly in 2013, losing 8.58 percent through November, according to investor materials obtained by CNBC.com. Recent losers for the low-net exposure fund were short bets on two unnamed chemical companies and a refining company.

Adams Hill didn't respond to a request for comment.

Regardless, observers don't expect investors to automatically reject the funds of future SAC alums. Recent or planned launches have come from SAC portfolio manager David Vogt's Point Harbor Partners and Anil Stevens, who co-managed recently-shut SAC unit Parameter Capital Management.

"There is very little sense of stigma," said one investor consultant who tracks hedge fund launches closely.

SAC has been reeling from a string of insider trading convictions and settlements. Most recently, portfolio manager Michael Steinberg was found guilty on Dec. 18 for various violations. He faces time in prison. Another, Mathew Martoma, faces trial imminently.

In early November, SAC pleaded guilty to criminal insider trading charges and agreed to pay a $1.2 billion fine. Cohen, who has not been personally charged with any crime, also agreed to stop managing outside capital. That was on top of a $616 million fine by the Securities and Exchange Commission for related charges.

(Read more: Trial to Begin for Ex-SAC Trader Who Cut No Deal)

A spokesman for SAC didn't respond to a request for comment, but a recent SAC statement made clear it didn't believe there was a culture of corruption, as the government alleged.

"We take responsibility for the handful of men who pleaded guilty and whose conduct gave rise to SAC's liability," the firm said on Nov. 4, 2013. "These wrongdoers do not represent the 3,000 honest men and women who have worked at the firm during the past 21 years."

Join the conversation about this story »

Steve Cohen hasn't even had the house for a full year, but he's already selling the East Hampton mansion he bought in March for $62.5 million, says the New York Observer.

However a spokesperson for Cohen has said, “As we made clear to the Observer, neither property is for sale.”

A few things about the house: It's on 52 Further Lane, has a pool, tennis court, media room etc. but the most important thing about it is that it has an ocean view.

Cohen bought the house at 52 after selling his home on 96 Further Lane. The 96 house just had to go because the ocean was blocked by fellow hedge fund manager Jim Chanos' house. And who wants that?!

Now that's all in the past. Apparently Cohen is done with Further Lane. It's over. Goodbye.

That said — now is definitely a good time for him to raise some cash. Cohen's firm, SAC Capital, plead guilty to insider trading charges last year and must pay $1.8 billion in fines to the Feds. It also returned all outside investor capital and turned into a family office.

The Justice Department has said that an investigation into Cohen himself, not just the firm, is ongoing.

Cohen is also selling his NYC penthouse, which was just price chopped from $115 million to $98 million.

Times are tough.

For the full report, head to the NY Observer>

Join the conversation about this story »

Steven A. Cohen's once $14 billion namesake hedge fund SAC Capital Advisors is going to change its name very soon.

According to DealBook's Ben Protess and Alexandra Stevenson report, the hedge fund is finalizing plans to change its name and corporate structure by mid-march.

Cohen will remain the CEO of the fund. 

Following an insider trading scandal, SAC Capital will operate as a family office and it will no longer accept outside capital. The fund will have about $9 billion AUM.

In November, SAC pleaded guilty to criminal insider trading charges. The fund also agreed to pay a $1.8 billion fine. 

Feel free to sound off in the comments section with ideas for a new name for SAC Capital. We also suggest using the Hedge Fund Name Generator if you need any help thinking of names. 

Join the conversation about this story »

Matthew Goldstein and Alexandra Stevenson have an extensive article in Dealbook on why it's been difficult for the U.S. government to go after Steve Cohen, a.k.a. "The Big Guy." 

It's widely believed on Wall Street that Cohen, the founder of once $14 billion Stanford, Conn-based SAC Capital Advisors, is the ultimate target in the government's crackdown on insider trading.

Still, the government hasn't been able to accuse him of any wrongdoing. They might not ever be able to either.

For starters, Cohen is incredibly careful, according to Dealbook.  He had SAC's offices checked for listening devices before the government's insider trading investigation was revealed. He also suspected that phone calls were being taped, too, the report said citing unnamed sources. 

From Dealbook: 

Getting at what Mr. Cohen knew is devilishly difficult. After all, this is a man known for caution and secrecy. Generally, the firm did not save most internal emails and instant-message communications before 2009. Even before the investigation became public in October 2009, Mr. Cohen would periodically have SAC offices checked for listening devices, said two people familiar with the matter. In the past, he would even buy up rights from photographers who took his picture, and, to this day, there are few publicly available photos of him.

Moreover, Mr. Cohen suspected that the government was listening in. He called a friend in the summer of 2009 to alert him to the possibility that a former associate of both men was surreptitiously taping phone calls in connection with an insider trading probe. That probably made him very careful about what he said. And a government wiretap placed on Mr. Cohen’s home phone that summer turned up no evidence of any wrongdoing, said people briefed on the matter but not authorized to speak publicly.

Since August 2009, U.S. Attorney Preet Bharara has successfully convicted 79 people, including a handful of SAC Capital alums, on insider trading charges. 

In the case against former SAC portfolio manager Mathew Martoma, Cohen was identified as "Portfolio Manager A."  It was also revealed at Cohen and Martoma had a 20 minute conversation on the phone on a Sunday before the fund exited its positions in drug companies Elan and Wyeth.

It's unclear what was said during that conversation. We may never know what was said either. Martoma refused to cooperate with the prosecution.  

Cohen, who was absent during Martoma's trial, has not been charged with any wrongdoing. In fact, Cohen may never be charged at all.  He has also said he is confident he acted appropriately.

SAC Capital was criminally indicted last summer on insider trading charges.In November, SAC pleaded guilty to criminal insider trading charges and agreed to pay a $1.8 billion fine.

Since then, two of SAC's former traders Michael Steinberg and Mathew Martoma were found guilty recently in separate insider trading cases. 

In the future, SAC Capital will no longer manage outside capital. Instead, it will operate as a family office fund managing about $9 billion of Cohen's personal wealth and the money of other employees.

Join the conversation about this story »

SAC Capital's compliance chief Steve Kessler will step down effective Feb. 28, Bloomberg News' Joanna Ossinger reports citing an internal memo to employees. 

Kessler, an attorney who has been practicing law since 1978, said he wanted to spend more time with family

Kessler was one of three SAC executives to receive a subpoena from a grand jury during the insider trading probe, according to a report in the Wall Street Journal. 

SAC, the once $14 billion Stamford, Conn-based hedge fund run by Steven A. Cohen, was criminally indicted last summer on insider trading charges. Federal prosecutors charged the fund "with criminal responsibility for insider trading offenses committed by numerous employees and made possible by institutional practices that encouraged the widespread solicitation and use of illegal inside information."

In November, SAC pleaded guilty to criminal insider trading charges and agreed to pay a $1.8 billion fine. 

Right now, the fund is in the process of finalizing its new corporate structure and selecting a new name, Dealbook recently reported. SAC will no longer manage outside capital and will operate as a family office hedge fund managing about $9 billion of Cohen's personal fortune and money from its employees. 

Join the conversation about this story »

Forbes magazine has just released "The 25 Highest-Earning Hedge Fund Managers And Traders" list and Steven Cohen came in No. 3.

According to Forbes reporter Nathan Vardi, Cohen made an estimated $2.3 billion last year while his hedge fund was hit with redemptions and had to plead guilty to insider trading charges and pay a massive fine. 

In terms of performance, SAC Capital had a solid year in 2013. The fund posted returns of 19 percent, but still trailed the S&P, the report said. 

As for headlines, it was a rough year, though. SAC, the once $14 billion hedge fund was criminally indicted on insider trading charges last summer. In November, SAC pleaded guilty and agreed to pay a $1.8 billion fine. 

As part of the settlement, SAC will no longer manage outside money. Instead, SAC will operate as a family office hedge fund managing about $9 billion of Cohen's personal fortune and money from its employees.

Since August 2009, U.S. Attorney Preet Bharara has successfully convicted 79 people, including a handful of SAC Capital alums, on insider trading charges. The most recent former SAC traders to plead guilty are Michael Steinberg and Mathew Martoma.

It's widely believed that Cohen is the ultimate target in the government's crackdown on insider trading. However, they haven't been able to accuse him of any wrongdoing. They may never be able to do that. 

Join the conversation about this story »

SAC Capital, the once $14 billion Stamford, Conn.-based hedge fund run by Steven A. Cohen, just got a new name. 

SAC will be called Point72 Asset Management, Dealbook's Matthew Goldstein reports citing an internal letter. 

Last summer, SAC was criminally indicted on insider trading charges. Federal prosecutors charged the fund "with criminal responsibility for insider trading offenses committed by numerous employees and made possible by institutional practices that encouraged the widespread solicitation and use of illegal inside information."

SAC pleaded guilty in November and agreed to pay a $1.8 billion fine. 

SAC also agreed to no longer manage outside capital. Instead, it will operate as a family office hedge fund and manage Cohen's wealth and money of its employees, which comes to about $9 billion in assets under management.   

The fund was expected to pick a new name. 

Join the conversation about this story »

NEW YORK (Reuters) - SAC Capital Advisors' $1.2 billion criminal settlement for insider trading received final court approval on Thursday, as a U.S. judge accepted a guilty plea from the hedge fund firm run by billionaire Steven A. Cohen.

At a hearing in Manhattan federal court, U.S. District Judge Laura Taylor Swain accepted SAC Capital's guilty plea to fraud charges and payment of a $900 million fine.

In total, SAC Capital has agreed to pay $1.8 billion to resolve criminal and civil probes into insider trading. The U.S. Department of Justice said that payout is the largest insider trading settlement in history.

"These crimes clearly were motivated by greed, and these breaches of the public trust require serious penalties," Swain said.

SAC Capital also agreed to be placed on probation for five years, and employ a compliance consultant, former federal prosecutor Bart Schwartz.

The sentencing marks the end of an era for SAC Capital, which last year had $15 billion of assets under management, according to court documents.

An indictment in July alleged systemic insider trading took place at SAC Capital involving the stocks of more than 20 publicly-traded companies from 1999 through 2010.

Eight employees have pleaded guilty or been convicted at trial. SAC Capital agreed in November to plead guilty to four counts of securities fraud and one count of wire fraud.

"Today marks the day of reckoning for a fund that was riddled with criminal conduct," Manhattan U.S. Attorney Preet Bharara said in a statement.

'DIFFICULT PERIOD'

The $900 million fine comes on top of a $900 million judgment approved in November by U.S. District Judge Richard Sullivan in a related civil forfeiture case.

That judgment gave SAC Capital credit for $616 million in earlier insider trading settlements with the U.S. Securities and Exchange Commission, resulting in SAC Capital paying an additional $1.2 billion as part of the criminal accord.

Had Swain rejected the deal, SAC Capital would have had the right to withdraw its guilty plea.

The Stamford, Connecticut-based firm rebranded itself Point72 Asset Management on Monday, and is becoming a family office that will primarily manage Cohen's personal fortune, most recently estimated by Forbes magazine at $11.1 billion.

Three of the four SAC Capital entities that pleaded guilty no longer manage investments, while the fourth may need 1-1/2 years to shed a "limited number of hard to liquidate assets," Martin Klotz, a lawyer for SAC Capital, said Thursday.

As of February 1, the 800-employee firm, which Cohen started in 1992 with $25 million, oversaw $11.9 billion, according to regulatory filings.

In a letter to employees Thursday, Tom Conheeney, the firm's president, said the judge's approval "brings to a close the government's proceedings against our firm and a difficult period for us all."

"We will do whatever we can to make sure this doesn't happen again," he said.

BROAD CRACKDOWN

The settlement came amid a crackdown on insider trading on Wall Street by Bharara's office that has resulted in 80 individuals being convicted at trial or pleading guilty since October 2009.

They include Michael Steinberg and Mathew Martoma, two SAC Capital portfolio managers who were found guilty in separate criminal trials in December and February. Both deny wrongdoing and are expected to appeal.

Cohen, 57, has not been criminally charged. But in July, the SEC launched an administrative action to bar him from the securities industry for failing to supervise Martoma and Steinberg and prevent insider trading.

Cohen has denied the SEC allegations, but has been in contact with the regulator regarding a possible settlement, a person familiar with the matter has said.

Among the sticking points are whether the SEC should impose a lifetime industry ban on Cohen, or prevent employees from managing outside money, another person familiar with the case said.

SENTENCING

Cohen did not appear at Thursday's hearing, and his firm was represented by Peter Nussbaum, SAC Capital's general counsel.

"We accept responsibility for the misconduct of our employees brought before your honor," Nussbaum said.

Swain had also been expected Thursday to weigh a request for more than $1.5 million in restitution from SAC Capital by Elan Corp, a company at the heart of Martoma's case and now owned by Perrigo Co.

SAC Capital had objected to the request but settled with Elan before the hearing, said Terence Healy, a lawyer for Elan.

Asked by Swain during the hearing about the scope of Schwartz's consultant role, Antonia Apps, an assistant U.S. attorney, said he would have a "broad mandate" to evaluate and review SAC's compliance procedures and identify deficiencies.

"While they may have had compliance policies on paper, they were clearly deficient in deferring insider trading," Apps said.

The case is U.S. v. SAC Capital Advisors LP, U.S. District Court, Southern District of New York, No. 13-cr-00541.

(Reporting by Nate Raymond and Emily Flitter in New York; Additional reporting by Joseph Ax, Jonathan Stempel and Svea Herbst-Bayliss; Editing by David Gregorio, Andrew Hay and Lisa Shumaker)

Join the conversation about this story »

Billionaire hedge fund manager Steven A. Cohen, who reportedly took home $2.4 billion in compensation last year, got a personal loan from Goldman Sachs earlier this year that was backed by his art collection.

Bloomberg News' Miles Weiss reports:

Goldman Sachs Bank USA, parent to the firm’s private bank for the very rich, filed a notice with the Connecticut Secretary of the State reporting that Cohen had pledged “certain items of fine art” under a security agreement dated Feb. 28, which didn’t specify how much money was borrowed. The February filing is the first to show Cohen receiving an art loan from Goldman Sachs. Michael DuVally, a spokesman for Goldman Sachs, declined to comment on the amount of the loan, as did Jonathan Gasthalter, a spokesman for Cohen at Sard Verbinnen & Co.

Cohen is an avid collector. His personal collection includes pieces by Monet, Picasso, Jasper Johns, Jeff Koons, Damien Hirst, Willem de Kooning, Francis Bacon and Andy Warhol, according to a 2010 Vanity Fair profile. He's also said to keep a live tattooed Wim Delvoye pig in his Connecticut compound. 

Last year was rough for Cohen. 

In November, his once $14 billion SAC Capital pleaded guilty to criminal insider trading charges and agreed to pay a $1.8 billion fine.

SAC is now called Point72 Asset Management. It's no longer allowed to manage outside capital. Today, it operates as a family office hedge fund that manages Cohen's personal wealth and money of its employees, which comes to about $9 billion in assets under management. 

Join the conversation about this story »

Some people just don't know how to appreciate a deal.

According to Page Six, billionaire hedge fund manager Steve Cohen — whose hedge fund S.A.C. Capital pleaded guilty to insider trading last year — can't unload his Upper East Side duplex penthouse, and it's upsetting him a great deal.

From Page Six:

One source tells us, “Cohen hasn’t had a buyer, and he blames his broker. Furious is not the word. He’s had enough.” But another source sniffed, “The lack of a buyer might be because some feel the place might have some bad karma.”

The apartment has been on sale for over a year, and has already seen one price chop, from $115 million to $98 million.

What more must Cohen give?

Corcoran has the details of the 9,000-square-foot, four bedroom, 5.5 bathroom apartment at One Beacon Court. It's definitely impressive, especially considering Cohen bought the space for a mere $24 million. Look and see for yourself.

The apartment features a stunning living room with 24-foot ceilings.

Here's another angle of the living room.

There's a chef’s kitchen with stainless steel appliances.

Billionaire hedge fund manager Steve Cohen was spotted at Christie's on Tuesday evening at a post-war contemporary art auction.

A spy saw Cohen wearing a plain black jacket, slacks and thick sole lace-ups near the main entrance.

Cohen was also seen fumbling for his tickets. Our spy thought Christie's should have just recognized him and let him in.

"They were stalling him for tickets. Idiots, when someone pushes hundreds of millions worth of art business through their auctioneer block they should have an effing portrait of him in the 'Hall of Honor' and know him by a face," the spy tells us.

Cohen, who now runs family-office hedge fundPoint72 (formerly known as SAC Capital until the fund pleaded guilty to criminal insider trading charges and paid a huge fine), is an avid art collector.

His personal collection includes pieces by Monet, Picasso, Jasper Johns, Jeff Koons, Damien Hirst, Willem de Kooning, Francis Bacon and Andy Warhol, according to a 2010 Vanity Fair profile.

It's unclear if Cohen made any new purchases. A spokesman declined to comment. 

At the auction, a Francis Bacon triptych entitled "Three Studies for a Portrait of John Edwards"sold for $80.8 million.

Join the conversation about this story »

It's that time of the year again when Wall Street starts leaving the trading floor for the golf course. 

We combed through the latest handicap data of some of the Street's biggest names on GHIN—a website run by the U.S. Golf Association— to see how they stack up against each other on the fairway.

Some of these golfers are very, very talented, while others could use a bit more practice. Take Goldman Sachs CEO Lloyd Blankfein for instance. He seems to find shooting low scores a difficult endeavor.

Keep in mind, the higher the handicap number, the worse the player is in comparison to others with lower handicaps.

Also, JPMorgan's CEO Jamie Dimon doesn't golf. His two predecessors at JPMorgan were members of the prestigious Augusta National Golf Club though. 

Lloyd Blankfein (Handicap: 23.4)

Firm/Title: Goldman Sachs, CEO 

Where He's Played: Blind Brook Club, East Hampton Golf Club, Sebonack Golf Club and Manhattan Woods Golf Club

Last Golf Outing: August 2013

James Gorman (Handicap: 21.6)

Firm/Title: Morgan Stanley, CEO

Where He's Played: Millbrook Golf & Tennis Club, Blind Brook Club and Winged Foot Golf Club.

Last Golf Outing: May 2014

Source: GHIN

David Tepper (Handicap: 18.5)

Firm/Title: Appaloosa Management/founder

Where He's Played: Crestmont Country Club

Last Golf Outing: May 2014

Source: GHIN

The SEC can't keep Steven A. Cohen down. Despite insider trading charges, a $1.2 billion penalty, and the closing of SAC Capital, Cohen's new fund is up 9% this year, Bloomberg reported. 

Compared to Cohen's Point72 Asset Management, other hedge funds averaged a 2.5% return this year through June. Point72 manages about $9-10 billion of Cohen's personal wealth, and has seen a profit of about $1 billion this year.

SAC Capital transitioned to become Point72 Asset Management in April, after the firm was accused of running a decade-long an insider-trading scheme and shut down. Cohen, 58, turned the fund into a family office with 850 employees, down from 1,000 at SAC. 

Cohen, 58, has a net worth of about $11 billion. He has a track record of impressive returns, averaging about 30% since SAC Capital launched in 1992.

Read more over at Bloomberg>>

Join the conversation about this story »

President of Steven A. Cohen's hedge fund Point72, Thomas Conheeney, is the latest of over a dozen top employees to leave the firm this year, the New York Times reported Monday.

Conheeney was also the president of Cohen's previous hedge fund, SAC Capital, which came under fire by the SEC for insider trading charges. The closed firm pleaded guilty to the charges in April.

Along with Conheeney, SAC Chief Operating Officer Solomon Kumin, SAC Head of Compliance Steve Kessler, portfolio manager Gabriel Plotkin, and several other prominent portfolio managers also left Cohen's fund in the past year. Kumin and Plotkin are both looking to raise money to set up their own separate funds, NYT said.

In a email to his employees, Cohen said that Conheeney's departure was "mutual and amicable."

According to the NYT, the email continued: “The last few years have been the most difficult our firm has faced. The 2008 financial crisis and the 2010 aftershocks tested us, and just as we thought we were returning to ‘normal,’ we were rocked by revelations of insider trading by former employees. Tom’s leadership helped our firm survive these difficult times. We faced ordeals that would have put most other companies out of business," 

Conheeney will be succeeded by Douglas Haynes, who came aboard in February, formerly a director at McKinsey & Company.

Read more over at the New York Times >>

Join the conversation about this story »

Hedge fund giant Steve Cohen is still killing it.

The New York Times' Matthew Goldstein reports that Point72 Asset Management has generated about $1.8 billion this year and about $800 million this summer in gross profit, according to a person familiar with the company.

This performance would have been higher if the S&P 500-stock index did not fall roughly 6% this month. Point72 was dragged down with the index by about $400 million in stock positions, according to The Times.

The average hedge fund was up 3.07% at the end of September, according to the Hedge Fund Research composite index.

Cohen managed as much as $14 billion when Point72, now a family office, was SAC Capital. SAC plead guilty to insider trading last year.

Cohen agreed to stop managing money for outside investors in a plea agreement, and transformed SAC to become Point72. In April it opened with about $10 billion, and the exact amount it currently manages has not been disclosed.

Cohen has a personal net-worth of $10.3 billion and saw a $1 billion jump in his fortunes in the past year, according to the Forbes 400 richest list.

SEE ALSO: The 30 Richest Hedge Fund Managers In America

Join the conversation about this story »