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Steven Cohen’s Bad Divorce is Still Continuing

Billionaire Steven A. Cohen’s bad days are not behind him yet. The businessman may have escaped the government’s tenacious efforts to tie him to insider trading allegations, but his ex-wife has no desire to let him get by as easily.

Patricia Cohen’s divorce attorneys have won permission from the court to question Steven about any lies that he may have said or wrongdoing that may have occurred at the SAC Capital Advisors LP, and it is not a surprise that the US probe into his alleged criminal activities will be the prime topic of discussion.

Legal extortion, claims Steven

The Cohen’s 25 year old divorce trial has come to such bitter position that each party is now ready to wash even the worst of private laundry in public. The court filings have stacked up over the years, and in the papers Patricia has claimed that Steven cheated her out of at least $2.75 million. The couple divorced in 1990, but the financial matters have not yet been settled as Patricia would like it. She has regularly accused Steven of building his business on fraud and deceit, while he has time and again accused her of being greedy and called her efforts to win more money a ‘legal extortion’.

US District Judge William Pauley had written in his January ruling in the case that each of the party has brought inexhaustible legal resources to the case and the single case is enough to restore faith in the notion that a divorce ‘lasts forever’. Cohen and his ex-wife have been fighting for years now over the millions that she thinks he cheated her out of, but in the mean while his wealth has increased massively. According to Patricia’s divorce attorneys, Steven’s estimated worth now reaches up to $11.1 billion.

Corrupt activities once again in question

In 2013, Manhattan US Attorney Preet Bharara had filed an insider-trading charge against Steven’s hedge fund, saying that the fund had been dealing in corrupt activities since 1999 and was acting as a beacon for ‘market cheaters.’ Patricia Cohen also sued her husband for fraud around the same time that the US probe was beginning. The hedge fund has since then pleaded guilty and paid a fine of $1.8 billion. It has also changed its name and now calls itself point72 Asset Management LP and has agreed to manage only Cohen’s own money.

Not ready to settle

Patricia and Steven were wed in 1979, and they divorced in 1990. Steven was worth around eight figures back then, and the divorce settlement asked him to give $3.5 million in assets. Patricia could have gotten more probably, but Steven said that there was a $5.5 million real estate deal that was Patricia’s which had gone down, and hence the courts agreed for a lower deal.

No one is ever really happy with their divorce. One almost always wishes one had done a few things differently. But it is always better to settle the case than to keep running around in the courtrooms and air dirty linen in public. The Cohens however, think otherwise.