Misplaced Pages

#99900

43-412: Wilpon is a surname. Notable people with the surname include: Fred Wilpon (born 1936), real estate developer, baseball executive, and team owner Jeff Wilpon (born 1961), baseball executive, financial executive, and museum director, son of Fred See also [ edit ] Wilson (name) [REDACTED] Surname list This page lists people with

86-536: A New York native from a working-class background who grew up in the Washington Heights, Manhattan neighborhood of New York City . They have two children together. They divorced in 1990. In 1991, Cohen met Alexandra "Alex" Garcia, a single mother of Puerto Rican descent. Alex grew up in Washington Heights, moving there from her original home in the projects of Harlem . They met through

129-574: A Super PAC supporting Andrew Yang 's candidacy in the 2021 New York City Democratic mayoral primary , and a further $ 1.5 million to a Super PAC supporting Eric Adams . Cohen's art collection is reported to be worth around $ 1 billion. The New York Times reported that Cohen began seriously collecting art in 2000. Cohen's tastes and collection began with Impressionist painters, acquiring works by Manet and Monet, after which he moved quickly into contemporary art. While he has collected works from important emerging artists such as Adam Pendleton , he

172-483: A biographical drama covering the short squeeze. In 2016, Forbes Magazine estimated Cohen's fortune at $ 13 billion, ranking him the 30th richest person in the United States. Cohen was dubbed "the hedge fund king" in a 2006 Wall Street Journal article. His 2005 compensation was reportedly $ 1 billion, considerably higher than his 2001 compensation of $ 428 million. In February 2015, Forbes listed Cohen as

215-620: A controlling interest in the team before reaching an agreement the following month. MLB approved the sale in October 2020, allowing Cohen to take control in November. Cohen has given $ 715 million to philanthropic causes throughout his life, including to charitable causes relating to veterans and children's health. Cohen serves on the board of trustees of the New York-based Robin Hood Foundation . Via

258-572: A deal was reached for billionaire hedge fund manager Steve Cohen to purchase 95% of the Mets from Wilpon, his son C.O.O. Jeff Wilpon and co-owner Saul Katz for approximately $ 2.4 billion and on October 30, Cohen was approved by MLB's owners. Wilpon was one of the investors who invested a significant amount of money with Bernard Madoff which was lost when the Ponzi scheme collapsed in December 2008. It

301-525: A development of townhouses in Tarrytown , a suburb in Westchester County which was very successful. Seeking to minimize their tax obligations, they purchased real estate throughout the country that had favorable tax treatment which turned out to be a boon since they were unknowingly buying property at the bottom of the market. He still serves as the company's chairman. In 1980, Wilpon bought

344-445: A friend helped him open a brokerage account with $ 1,000 of his tuition money. In 1978, after graduating from Penn, Cohen got a Wall Street job as a junior trader in the options-arbitrage department at Gruntal & Co. On his first day on the job at Gruntal & Co., he made an $ 8,000 profit. He eventually would go on to make the company around $ 100,000 a day and eventually managed a $ 75 million portfolio and six traders. Cohen

387-436: A one-percent stake in the Mets when Charles Shipman Payson sold the team, with publishing company Doubleday & Co. holding the remaining interest. He gradually increased his stake to five percent. During the Mets championship season of 1986 , Doubleday president Nelson Doubleday Jr. sold Doubleday & Co. to Bertelsmann AG . Wilpon had a right of first refusal in the event of a sale and threatened to exercise it. In

430-485: A partner at Sterling Equities and was married to Yuki Oshima-Wilpon, daughter of Japanese billionaire Kenshin Ōshima . As a teenager Wilpon was a teammate of Baseball Hall of Famer Sandy Koufax on Brooklyn's Lafayette High School baseball team. Wilpon and Koufax remain close friends, with Koufax an annual visitor at the Mets' spring training facility in Port St. Lucie, Florida and Koufax being asked to testify at

473-543: A three-judge panel, Circuit Judge Pierre N. Leval said that Patricia Cohen had made a "plausible" allegation that Steven Cohen had concealed the $ 5.5 million during negotiations on a separation agreement in 1989, which preceded the divorce. The revival of the lawsuit came amid mounting pressure on Steven Cohen over an insider-trading investigation that led to the arrest of Michael Steinberg, one of Cohen's closest confidantes at SAC Capital. SAC affiliates reached two civil insider trading settlements totaling nearly $ 616 million with

SECTION 10

#1732771841100

516-550: Is different from Wikidata All set index articles Fred Wilpon Wilpon was raised in a Jewish family in Bensonhurst , Brooklyn . His father, Nathan Wilpon, managed a funeral home. Wilpon attended Lafayette High School in Brooklyn, where he was responsible for getting his friend, Sandy Koufax , to join the baseball team. Wilpon was a big fan of baseball and pitched his freshman year in college until he

559-624: Is married to Judy Kessler whom he met in college. She is a 1958 graduate of the University of Michigan . His daughter, Robin Wilpon, is married to Phillip Wachtler, son of former Chief Judge of the New York Court of Appeals, Sol Wachtler . His son Jeff Wilpon was the COO of the Mets until 2020 and is currently the executive vice-president of Sterling Equities. His son Bruce Wilpon is also

602-568: Is most famous for collecting 'trophy' art, signature works by famous artists, including a Pollock drip painting from David Geffen for $ 52 million and Damien Hirst 's The Physical Impossibility of Death in the Mind of Someone Living , a piece that the artist had bought back from Charles Saatchi for $ 8 million. In 2006, Cohen attempted to make the most expensive art purchase in history when he offered to purchase Picasso's Le Rêve from casino mogul Steve Wynn for $ 139 million. Just days before

645-521: Is one of the biggest hedge funds and is known for frequent and rapid trading." In 2006, The Wall Street Journal reported that, while Cohen was once a rapid-fire trader who never held trading positions for extended periods, he now held an increasing number of equities for longer periods. As of 2009, the firm managed $ 14 billion in equity. In December 2009, Cohen and his brother Donald T. Cohen were sued by Steven's ex-wife Patricia Cohen for racketeering and insider-trading charges. On March 30, 2011,

688-578: Is to establish mental-health centers for veterans and their families throughout the United States. The goal was the establishment of 20–25 centers by 2020. Cohen Veterans Bioscience, also funded by Cohen, conducts research into the effects of posttraumatic stress disorder on combat veterans. In 2015, Steven Cohen and his wife, Alexandra, donated $ 2.25 million to a Super PAC called America Leads that supported Chris Christie's presidential candidacy. In 2017, Cohen contributed $ 1 million to Donald Trump's inauguration . In 2021, Cohen donated $ 500,000 to

731-409: The surname Wilpon . If an internal link intending to refer to a specific person led you to this page, you may wish to change that link by adding the person's given name (s) to the link. Retrieved from " https://en.wikipedia.org/w/index.php?title=Wilpon&oldid=1088609319 " Category : Surnames Hidden categories: Articles with short description Short description

774-626: The Arts to establish the Irene and Morris B. Kessler Presidential Scholarship Fund named in honor of his wife's parents, Romanian immigrant and dentist, Morris Kessler, and Irene Nass. The Wilpons have also donated $ 5 million to create the University of Michigan Bone & Joint Injury Prevention & Rehabilitation Center, and $ 4 million for the Wilpon Baseball and Softball Complex. Wilpon

817-624: The Cohen-founded S.A.C. Capital Advisors pleaded guilty to insider trading and agreed to pay $ 1.8 billion in fines ($ 900 million in forfeiture and $ 900 million in fines) in one of the biggest criminal cases against a hedge fund. Cohen was prohibited from managing outside money for two years as part of the settlement reached in the civil case over his accountability for the scandal. The hedge fund agreed to plead guilty to wire fraud and four counts of securities fraud and to close its doors to outside investors. Cohen loosely inspired

860-555: The Madoff trial. Steve Cohen (businessman) Steven A. Cohen (born June 11, 1956) is an American hedge-fund manager and owner of the New York Mets of Major League Baseball since September 14, 2020, owning just over 97% of the team. He is the founder of hedge fund Point72 Asset Management and S.A.C. Capital Advisors , which closed after pleading guilty to insider trading and other financial crimes. In 2013,

903-540: The SEC started looking into his other investments from the same period, especially those involving Brett K. Lurie. However, Cohen was not charged with insider trading. In 1992, Cohen started S.A.C. Capital Advisors with $ 10 million of his own money and another $ 10 million from outside capital. The company's name, 'SAC Capital', is derived from Steven A. Cohen's initials. In 2003, the New York Times wrote that "SAC

SECTION 20

#1732771841100

946-813: The Steven & Alexandra Cohen Foundation, the Cohens have donated to projects involved in health, education, arts and culture, and the New York community. In 2014, the Cohen Foundation provided funding, via the New York University Langone Center, for the study of post-traumatic stress and traumatic brain injury . The foundation gave a grant in excess of $ 100,000 to the Bruce Museum of Arts and Science in 2014. In 2019,

989-408: The U.S. Securities and Exchange Commission. SAC neither admitted nor denied wrongdoing in either case. On November 20, 2012, Cohen was implicated in an alleged insider trading scandal involving an ex-SAC manager, Mathew Martoma . The SEC brought charges against many other S.A.C. employees from 2010 to 2013 with various outcomes. Martoma was convicted in 2014, in what federal prosecutors billed as

1032-570: The United States District Court in Lower Manhattan dismissed the case, but, on April 3, 2013, the 2nd U.S. Circuit Court of Appeals in New York ruled that a lower court had erred in dismissing fraud-based claims by his former spouse and revived the lawsuit. The appeals court also revived claims of racketeering and breach of fiduciary duty while upholding the dismissal of an unjust-enrichment claim. Writing for

1075-610: The character Bobby Axelrod, played by Damian Lewis , on the Showtime series Billions . Cohen grew up in Great Neck, New York , where his father was a dress manufacturer in Manhattan's garment district and his mother was a piano teacher. He grew up in a Jewish family. He is the third of eight brothers and sisters. He took a liking to poker as a high school student, often betting his own money in tournaments, and he credits

1118-418: The creation of the cable network SportsNet New York and Citi Field . In an interview while in prison, Madoff claimed that Wilpon "knew nothing" about his Ponzi scheme. After it was reported that Major League Baseball loaned the Mets $ 25 million in November 2010 to shore up their finances, Wilpon is now willing to sell up to a 49% ownership stake of the team at a cost of $ 200 million. On May 26, 2011, it

1161-626: The foundation contributed $ 50 million of the more than $ 400 million raised for the New York Museum of Modern Art. The museum announced in 2017 that MoMA's largest contiguous gallery will be called the Steven and Alexandra Cohen Center for Special Exhibitions. Cohen is on the board of the MoMa and LA MOCA. In April 2016, Cohen announced the creation and a commitment of $ 275 million to the Cohen Veterans Network . The CVN's goal

1204-483: The game with teaching him "how to take risks." Cohen graduated from John L. Miller Great Neck North High School in 1974, where he played on the school's soccer team. Cohen received an economics degree from the Wharton School at the University of Pennsylvania in 1978. While in school, Cohen was initiated as a brother of Zeta Beta Tau fraternity's Theta chapter, where he served as treasurer. While at Penn,

1247-536: The hedge fund of former Cohen protege Gabe Plotkin , as a result of the GameStop short squeeze . Cohen denied that his involvement with the short squeeze would affect his willingness to spend money on the New York Mets. Cohen deactivated his Twitter account on January 29, 2021, due to an influx of threats against him and his family. Cohen is portrayed by Vincent D'Onofrio in the 2023 film Dumb Money ,

1290-543: The highest-earning hedge-fund manager in 2014. In December 2013, Cohen's New York penthouse in the Bloomberg Tower was listed with an initial sale price of $ 115 million. According to Institutional Investor , Cohen made an estimated $ 1.7 billion in 2020. Cohen became a minority owner of the New York Mets of Major League Baseball (MLB) in 2012, with an 8% stake in the club. In August 2020, Cohen had entered negotiations with Fred Wilpon and Saul Katz to buy

1333-503: The loan. The trustee to the Madoff trust, Irving H. Picard, had declared that the Wilpons had enriched themselves over many years of profitable investing with Mr. Madoff while ignoring repeated warnings that he might have been a fraud. On March 19, 2012, Wilpon agreed to settle Picard's lawsuit for $ 162 million. The Judy and Fred Wilpon Family Foundation donated $ 5 million to the University of Michigan's College of Literature, Science, and

Wilpon - Misplaced Pages Continue

1376-549: The most profitable insider-trading conspiracy in history. The SEC later brought a civil lawsuit against Cohen, alleging his failure to supervise Martoma and Michael Steinberg, who was a senior employee and confidant of Cohen's. Cohen settled his civil case with regulators in January 2016; the agreement with the SEC prohibited Cohen from managing outside money until 2018. S.A.C. Capital Advisors "pleaded guilty to insider trading charges in 2013 and paid $ 1.8 billion in penalties" and

1419-463: The painting was to be transported to Cohen, Wynn, who suffers from poor vision due to retinitis pigmentosa , accidentally thrust his elbow through the painting while showing it to a group of acquaintances inside of his office at Wynn Las Vegas . The purchase was canceled, and Wynn kept the painting until early November 2012, when Cohen finally acquired the painting for $ 150 million. In May 2019, Cohen bought Jeff Koons 's Rabbit for $ 91.1 million;

1462-441: The purchase was made through Robert Mnuchin and was the most expensive work sold by a living artist at auction at the time. Cohen owns or has owned artworks by Lucio Fontana , Alberto Giacometti , Willem de Kooning , Jeff Koons , Edvard Munch , Pablo Picasso , and Andy Warhol . In 2015, he reportedly bought the world's most expensive sculpture, Alberto Giacometti's Man Pointing . In November 2015, his art collection

1505-423: The resulting settlement, Doubleday and Wilpon agreed to purchase the Mets for $ 81 million, with each holding a 50 percent stake. In 2002 , the Wilpon family purchased the remaining 50% of the Mets from Doubleday for $ 391 million, giving Wilpon sole ownership of the Mets. Wilpon served as president of the team between 1980 and 2002, CEO from 1980 to 2020, and chairman of the board from 2002 to 2020. In September 2020,

1548-777: Was estimated to be at about $ 1 billion. Cohen is reportedly building a private museum for some of his artwork on his Greenwich property. Cohen had also placed Marc Quinn 's Self , a head sculpture made of frozen blood, in the SAC lobby. In 2008, he was inducted into the Institutional Investors Alpha's Hedge Fund Manager Hall of Fame along with Alfred Jones , Bruce Kovner , David Swensen , George Soros , Jack Nash , James Simons , Julian Robertson , Kenneth Griffin , Leon Levy , Louis Bacon , Michael Steinhardt , Paul Tudor Jones and Seth Klarman . Cohen has been married twice. In 1979, he married Patricia Finke,

1591-477: Was injured. In 1958, he graduated with a B.A. from the University of Michigan . After college, he sold calculators for a time while his wife worked as a secretary for Branch Rickey , the former president of the Brooklyn Dodgers, whom he knew from the neighborhood. In 1972, he cofounded Sterling Equities , a commercial real estate development company, with his brother-in-law Saul Katz . They built

1634-426: Was named in a lawsuit filed by Irving Picard on behalf of the victims of Madoff's investment scandal and on January 28, 2011 Wilpon issued a statement seeking "one or more strategic partners" interested in buying 20 to 25% interest in the Mets to offset pending losses due to litigation (which may total up to $ 1 billion). Wilpon and his partner and brother-in-law Saul Katz were involved in another Ponzi scheme which

1677-562: Was orchestrated by Samuel Israel III and they were forced to pay $ 13 million to investors when Israel's hedge fund collapsed. It was revealed that Wilpon utilized Madoff in running the Mets' finances. It became a common practice to negotiate deferred money into players' contracts and then put that money with Madoff to invest because they were able to make money for themselves before paying players. The lawsuit also contends that Madoff funds were used to cover team expenses such as payroll and its minor league club in Brooklyn, as well as financing

1720-409: Was reported that Wilpon had "lost" about $ 700 million because of Madoff, which led to speculation that would be forced to sell the team. Since then Wilpon has said that his losses were "substantially less" than that figure. Reports later surfaced that Wilpon and his family actually made about $ 300 million with Madoff and had not lost money as previously reported. As a result, in December 2010, Wilpon

1763-399: Was reported that Wilpon has agreed to sell a minority share of the Mets to David Einhorn , president of the hedge fund Greenlight Capital , but ended negotiations on September 1. After the Mets received a $ 40 million loan from Bank of America in November 2011, Major League Baseball is monitoring the situation closely and is prepared to take control of the team from Wilpon if he defaults on

Wilpon - Misplaced Pages Continue

1806-727: Was required to stop handling investments for outsiders. Cohen "escaped criminal indictment himself despite being the living, breathing heart of S.A.C. Capital." He was featured in January 2017 The New Yorker article titled "When the Feds Went After the Hedge-Fund Legend Steven A. Cohen". In 2014, Cohen founded Point72 Ventures , "a venture capital fund that makes early-stage investments". In January 2021, Cohen's hedge fund Point72 joined Ken Griffin 's Citadel in putting $ 2.75 billion into Melvin Capital ,

1849-535: Was running his trading group at Gruntal & Co. by 1984 and continued running it until he started his own company, SAC Capital, in 1992. Throughout the late 1980s, the Securities and Exchange Commission became suspicious that Cohen had used inside information in December 1985 when he bet that RCA and GE would merge, ahead of the announcement. The SEC called him to testify, but he refused to answer any questions, invoking his right against self-incrimination . Then,

#99900