A long profile of Steve Cohen’s ex wife, Patricia, finally explains what he did in the late 1980s that might count as hiding assets from her.
Patricia found a lawsuit from 1987, Cohen vs Lurie, that contained evidence that Steve had given Lurie (a good family friend) millions of dollars and didn’t at first bother with paperwork. Then he sued Lurie to recover $7.5 million of it, but Lurie was bankrupt.
Steve regained only $408,000 from his Lurie investment but as part of the settlement, invested another $1.3 million.
He wrote off $8.75 million (~$7.5 million + $1.3 million) as a bad real estate investment.
His net-worth then dropped from $16.5 million to $8 million – right around the time of his divorce from Patricia, so she is suspicious.
Business Insider Emails & Alerts
Site highlights each day to your inbox.