Billionaire hedge fund manager Michael Steinhardt has agreed to turn over $70 million worth of stolen antiquities and will be subject to an unprecedented lifetime ban on acquiring antiquities, the Manhattan district attorney announced Monday.
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In return, Steinhardt, a philanthropist who is chair of the Steinhardt Foundation for Jewish Life, will not face criminal charges for acquiring pieces that were illegally smuggled out of 11 countries including Egypt, Greece, Israel, Syria and Turkey, prosecutors said.
"For decades, Michael Steinhardt displayed a rapacious appetite for plundered artifacts without concern for the legality of his actions, the legitimacy of the pieces he bought and sold, or the grievous cultural damage he wrought across the globe," District Attorney Cyrus Vance Jr. said in a news release. "His pursuit of 'new' additions to showcase and sell knew no geographic or moral boundaries, as reflected in the sprawling underworld of antiquities traffickers, crime bosses, money launderers, and tomb raiders he relied upon to expand his collection."
Steinhardt said in a prepared statement issued by his attorneys that he was "pleased that the District Attorney's years-long investigation has concluded without any charges and that items wrongfully taken by others will be returned to their native countries."
