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Michael Steinhardt, a hedge fund billionaire and one of the world’s largest antique art collectors, agreed to an “unprecedented” lifetime ban from collecting antiques and theft of $70 million after a multi-year investigation spanning several countries. Surrendered 180 pieces of artwork. Manhattan District Attorney’s Office said on Monday.

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District Attorney Cy Vance Jr. said in a Press release His office launched an investigation into Steinhardt’s role in the acquisition, possession and sale of more than 1,000 antiquities in 2017, and found strong evidence that 180 pieces were stolen from his country of origin.

According to the district attorney’s office, 180 antiquities that were deemed stolen would be returned to their rightful owners in 11 different countries, and Steinhardt agreed to impose a “first of its kind” lifetime ban.

Vance said that Steinhardt’s quest to obtain new pieces of art “knew no geographic or moral boundaries”, which he said was reflected in “crime owners, money launderers and tomb raiders”, with Steinhardt expanding his collection. trusted to do.

Andrew J. Levander and Theodore v. Wells Jr., Steinhardt’s attorneys, said in a statement Businesshala That Steinhardt was pleased with the investigation “concluded at no charge, and that items wrongfully taken by others would be returned to their countries of origin.”

Steinhardt and the district attorney’s office reached an agreement that would end the grand jury investigation, meaning Steinhardt would not be criminally prosecuted in the case.

Vance said the settlement would survive a trial so that the pieces could be returned to their owners “expeditiously” rather than as evidence for years, and to avoid “overburdened resource-scarce” nations who would be required to testify as witnesses. I would have been called. For testing.

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