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AP National Business

Hedge fund founder Steinhardt will return looted antiquities

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Published 10:56 AM

By KAREN MATTHEWS
Associated Press

NEW YORK (AP) — The Manhattan district attorney says billionaire hedge fund manager Michael Steinhardt has agreed to turn over $70 million worth of stolen antiquities. He will also be subject to an unprecedented lifetime ban on acquiring antiquities. Manhattan District Attorney Cyrus Vance Jr. said Monday that in return, Steinhardt will not face criminal charges. Vance said Steinhardt acquired pieces that were illegally smuggled out of 11 countries including Egypt, Greece, Israel, Syria and Turkey. Steinhardt said in a prepared statement issued by his attorneys that he’s pleased the investigation ended without any charges. Steinhardt is chair of the Steinhardt Foundation for Jewish Life and co-founder of Birthright Israel.

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