# Hedge Fund Billionaire Surrenders 180 Stolen Art Pieces
I always thought that once you become extremely wealthy, you might spend money on trivial things out of boredom. Some affluent individuals collect art and antiques, either out of a genuine love for the arts or as a way to showcase their vast riches. However, owning stolen artwork poses a serious ethical dilemma.
Recently, Michael Steinhardt, a billionaire hedge fund innovator and philanthropist, had to relinquish 180 pieces of art and antiquities that were confirmed to have been stolen over the years. The total value of the stolen art amounts to approximately $70 million USD.
According to the Manhattan District Attorney’s office, these seized pieces were looted and unlawfully transported out of 11 countries by 12 criminal smuggling networks. These artworks lacked verifiable provenance before entering the international art market.
As part of an agreement between the District Attorney and Steinhardt, the billionaire will not face charges for possessing the stolen art since he didn’t steal it himself. However, he has been issued a lifelong ban on collecting any registered art or antiques predating the year 1500 A.D.
“The indifference shown by Steinhardt over the decades towards the rightful owners of these sacred treasures is shocking. But, in the interest of justice before indictment and trial, a resolution has been reached to undo a significant portion of the damage to our world’s cultural heritage once and for all,” stated Vance.
[Tweet from The New York Times about the incident](https://twitter.com/nytimes/status/1468062729181216771?ref_src=twsrc%5Etfw)
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