Social Rejection?: Hedgie Steve Cohen Wants Out of East Hampton

Stevie Cohen Social Network

The world’s most infamous trader wants to get out of East Hampton, NY. Yesterday I reported for the New York Observer that Stevie Cohen, of SAC Capital, is trying to broker a private deal to sell a $60 million ocean front home he bought less than a year ago. His reasoning, according to a person on the deal, is East Hampton is ‘too Jewish’ and he has instructed people to start looking for another home in other Hampton enclaves.

This one real estate transaction has fueled a social media debate about what he’s really doing. Having lived and worked among Cohen-ites and his SAC Captial traders for the last decade out in Connecticut’s gold coast I don’t think his comment is a signal of anything anti-Jewish. Instead I believe it shows his social network could be failing since the hedge fund he founded plead guilty to supporting a culture of massive inside trading.

Cohen paid the highest fees to broker dealers who moved his trades for over a decade but according to people who worked with him, starting from his early days a Gruntal & Co, they hated him because of the way he did business. I’ve been told stories of dealers at Lehman leaking other funds trade volume to Cohen and Cohen even funding smaller hedge funds to use them to create liquidity when he wanted to short a stock. The years of alleged cheating to beat the markets has left sour grapes in mouth of many on Wall Street. And now that he’s shutting down his large hedge fund his volume of fee paying to The Street will shrink. This could mean people aren’t as motivated to play friendly with the Cohens in their social time.

Stevie Cohen Family photo

Before we ran the story about why he wants to sell his East Hampton home I had multiple conversations with Cohen’s outside pressman (aka his block and tackle Flack) Jonathan Gashalter about what was going to be reported and he expressed anger at the idea we’d print the ‘too Jewish’ comment. He also would not go on the record to say neither house is up for sale before he went to print. No one knows what’s really in this hedgie’s mind when he said it and I’m sure Cohen never thought it would get repeated. Stevie Cohen has gotten stories held or changed for years through Gashalter but as the market ( and my peers in the media) are apparently waking up to how he operates it was refreshing to see the New York Observer stand by the news report and my reporting.

The news on anything Cohen, or what his family, does isn’t going to stop. Nick Verbitsky, director of Frontline’s new blockbuster film ‘To Catch a Trader’, told me the FBI even admitted that have three stock trades they are still investigating that could lead to criminal charges against Cohen. It’s my understanding one of them has a whistleblower willing to flip on Cohen; which is something we have yet to see in the DOJ’s seven plus years of trying to nail Cohen for inside trading.

Even if the DOJ is never able to get a criminal charge against Stevie, how the markets and his social network respond to what ‘they think’ he’s done is much more of a barometer for how The Street will or won’t police itself.

CT Hedgie Greg Imbruce Charged by State for Investor Fraud

Greg Imbruce of ASYM

A New Canaan, Conn. hedge fund manager was charged for violating at least seven state securities laws this week including fraud and misleading regulators. Howard Pitkin’s team at the CT Banking commission made a bold move and issued a cease and desist order against Greg Imbruce of Stamford-based ASYM Capital in an attempt to stop him from managing his investors money. Imbruce alleged illegal actions against his own investors was first reported by me last year for finance trade publication Growth Capitalist. The middle-age hedgie, with three young children, is looking at fines of over one million dollars if the State banking regulator is able to find him guilty on all counts.

Imbruce specializes in oil and gas investments and got his start in the sector by managing money for the Madoff family. I previously reported he mislead his high net worth investors in ASYM Capital about the FINRA rule 105 violations he was sanctioned and fined for while working for Madoff Securities. Local New Canaan resident Bill Mahoney and Brad Higgins were part of the aggrieved investor group who used a top civil litigator, Jon Whitcomb, to fret out the layers of fraud Imbruce went through to deceive his investors. Whitcomb sued two years ago and, as previously reported, the CT Banking Commission started investigating earlier this year after internal whistleblowers, documents discovered from civil litigation, and my reporting came to light in the public eye.

Imbruce has since fought tooth and nail to stay managing his fund and keeping his alleged fraud from his social community in New Canaan and the Stamford Yacht Club where he is an active member and sailor. According to people familiar with his actions he even personally called the local AOL Patch reporter who wrote about the CT banking commission press release yesterday and threaten to sue if the story was not taken down. He would have no basis for a libel lawsuit since the reporter just rewrote the Banking Commission lawsuit but that didn’t stop him from threatening. I have witnessed Imbruce taking aggressive tactics to intimidate and silence internal whistleblowers and his own investors who have spoken out about his alleged fraud for over two years now.

This back-street bully who grew up in Westport, CT and attended Staples High School could be facing a ban from ever working as an investment advisor again; meaning he can’t run a hedge fund and earn fees from other peoples money. But how much of his net worth he’d have to give up because of his alledged market abuse is yet to be determined. He moved ownership of his $1.4 million New Canaan home into his wife’s name when he first got whiff of his investors planning to sue him. A move that could be considered fraudulent conveyance. The investors were able to kick him out of some aspects of managing the assets in the fund but at present Imbruce is still set to earn his carried interest if an oil and gas company the fund owns, Starboard Resources, has a liquidity event.

Jon Whitcomb of DISERIO MARTIN O’CONNOR & CASTIGLIONI LLP told this reporter,

“This is certainly a confirmation of what you’ve been reporting on and what my clients have been alleging. He can no longer claim that this is a fictionalized account manufactured by one reporter and fueled by frivolous legal tactics. My client-investors, including some New Canaan residents, deserve this vindication. Aside from the fraud charges, It speaks volumes that one of the State’s charges is for wrongful withholding of documents. My investors have been trying to get information regarding their investments for three years, to no avail, begging the question, what is he hiding?”

Imbruce attorney did not return a call for comment. This is the third attorney he’s hired to fight the CT Banking Commission allegations and the investor claims. Usually hedgies facing fines and bans from regulators settle but not Greg Imbruce he refuses to admit guilt. The CT Banking commission can not issue criminal charges but the DOJ could still bring actions against him for investor fraud because he told his investors he had his own money in the fund or for misleading the CT Banking Commission during their investigation. Since Imbruce was managing less than $100 million it is unlikely the Securities and Exchange Commission would take on a case like this.

Banking Commissioner Howard Pitkin is leading the charge in going after hedge fund fraud in CT, which domiciles a large portion of the world’s hedge funds. Unfortunately we rarely see State’s Attorney David Cohen go after Wall Street fraud although he has the power to charge criminally.

Whitcomb expects more investors to file additional civil litigation against Imbruce. Look for continued covering on this alleged fraudster at Growth Capitalist next year.

Hedgie Investors file Securities Violations Complaint against Greg Imbruce with Texas Regulators

Greg Imbruce of ASYM

New Canaan hedge fund manager Greg Imbruce is back in the hot the seat. I reported for Growth Capitalist that high net worth investors from Connecticut and Texas filed an explosive amended complaint that says Imbruce took his largest investors’ money and represented to his other limited partners that it constituted his own personal investment. A former staffer for Imbruce’s ASYM funds, as well as a multitude of other limited partners, all swore in signed statements to the Connecticut Banking Commission that Imbruce lied to them about having ‘skin in the game’ when he was soliciting investments into his funds. This is similar behavior to how we saw the SEC come down on two other local CT hedge funds Aladdin Capital and New Stream.

In recent months Imbruce investors voted him out as general partner in a move to eliminate him profiting from the possible sale or IPO of an oil gas portfolio company the funds own called Starboard Resources. Starboard filed SEC documents this month that show it intends to go public. A transaction Imbruce could profit handsomely from if he did not have issues with looming securities violations in the state of Connecticut and Texas. Either state could issue cease and desist order. But Imbruce isn’t taking this sitting down and refuses to go, claiming as General Partner (with funds he allegedly didn’t actually invest) he gets to vote along side his limited partners on his ousting as the hedge fund manager. Investors are now basically dependent on the old laws the Connecticut Banking Commission had, before the implementation of Dodd Frank, to help them ban Imbruce as an investment advisor and take away his ability to earn performance fees.

A letter seen by Growth Capitalist shows how the Connecticut Banking commission, under Howard Pitkin’s reign, is responding to funds with smaller amounts of assets under management. Imbruce had asked to be exempt and not fined for failing to file with the state that he is conducting business in as an investment advisor. But the Banking Commission denied his request and issued an opinion that he DID have to register with the state. They also warned him regardless of if he registered with them or not they could still come after him for fraud. The banking commission doesn’t have the ability to charge Imbruce criminally but does refer financial fraud cases to the Justice Department. If Justice got involved they could charge Imbruce with wire fraud for his alleged false statements made in marketing materials sent to investors in other states. I previously reported on the Banking Commission investigation into Imbruce for Growth Capitalist in March.

Now I’ve learned his investors in Texas filed a complaint with the Texas Banking Commission on June 16th and the Texas regulators have responded they are looking at the complaint. Still, the investor fraud lawsuit against Imbruce has been going on for one year now with slow progress made on getting him to settle or leave the fund. Investors did force him off the board of Starboard and took away his control of the company. Also 87.5% of investors in all three funds Imbruce runs finally voted to remove him as the hedge fund manager. They replaced him with Charles Henry III who is not taking fees to run the fund and is also a limited partner. Henry is there to basically collect votes now.

Imbruce tried a tricky legal tactic this January when he offered his investors rescission and restitution of their full investment into the fund plus 6% interest. This means he planed to give them back their full investment if they stopped suing him. Imbruce hoped if the investors did not respond within 30 days to the rescission deal they could not have sued him in CT state court for securities fraud. But the lawsuit shows investors learned Imbruce didn’t have the millions he promised to pay back in a bank account. In Texas this false promise, which reads like writing a bad check to get a deal done, can be a civil fraud charge.

Texas Securities Act section 33H (1) says

The offer shall include financial and other information material to the offeree’s decision whether to accept the offer, and shall not contain an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading.

If the investors can prove in court Imbruce didn’t have the cash he made in the rescission offer that’s clearly an untrue statement that would violate the law and might have criminal repercussion.

Imbruce also operates Glenrose Holdings, another investment advisor firm that he refuses to register with the state of Connecticut. That business has recently done deals with investors in a small penny stock called American Petro Hunter. Before he did energy deals for the Madoff family fund (which earned him a FINRA violation) he was analyst on the energy research desk for Jefferies.

Imbruce hired a former enforcement lawyer with the banking commission Rick Slavin to defend him against the Banking Commission investigation and his investors fraud suit. Attorney Slavin of Cohen & Wolf told me, “Mr. Imbruce has only acted in the best interests of all limited partners while achieving significant returns for his investors. Mr. Imbruce has done nothing wrong. Under the circumstances he will respond more completely at the appropriate time.”

Imbruce hasn’t actually paid his investors any returns in recent years or shown them his books even though investors made multiple request. The next step will be for the investors to file a books and records request in Delaware Chancery Court. A move we saw as very fruitful for another New Canaan investor Peter Deutsch. As I previously reported Deutsche was able to get the courts to give his attorney power to do a Marshall raid on the home of a China stock executive involved in ZST Digital. Deutsche as a result got records showing all kinds of fraud and is near a mega million case settlement with the China company.

Imbruce, who is an avid sailor and member of Stamford Yacht Club, recently bought a $2 million home at 92 Turtleback Road in New Canaan. Around the time he learned his investors were going to sue him town records show he transferred the home into his wife Alana’s name for $1 dollar. That transfer is also now part of the investor fraud suit against him with a claim of fraudulent conveyance of assets.

The investor’s attorney (another New Canaan resident) Jonathan Whitcomb would not comment on his clients litigation.

CT Banking Commission Investigation Letter to Greg Imbruce by Teri Buhl

Hedgie Greg Imbruce under Investigation by CT Banking Commision

Arrested New Stream Executive Bart Gutekunst

A New Canaan, Conn. man who owns a hedge fund called ASYM Energy is being investigated by Connecticut regulators. I reported at Growth Capitalist yesterday, Greg Imbruce allegedly offered a New Stream Capital founder a kickback if he sold oil and gas assets to Imbruce at a discounted price while New Stream was in bankruptcy. The deal involved a SPAC sponsored by Greg Sachs of Sachs Capital Group that was never finalized. Imbruce is currently facing an investor fraud suit filed by high-finance men who live in New Canaan and Texas. The Connecticut Banking Commission is also investigating Imbruce for misleading his investors about the lack of his own money invested in the fund and other possible violations.

I previously reported at Growth Capitalist on the New Stream founders arrest for 19 counts of Securities and Wire fraud. Bart Gutekunst, of Weston Conn. was the New Stream executive named in the report for being offered a kickback. Gutekunst, through his attorney, denied being offered a kickback but Imbruce was mum about it. Imbruce attorney Rick Slavin, of Cohen and Wolf, even admitted to the Banking Commission investigation when I interviewed him last week and said “How can you report that it’s confidential”. Welcome to the world of whistleblowers Slavin.

I wrote at Growth Capitalist:

According to a person who worked at ASYM, Imbruce offered Bart Gutekunst, co-founder of New Stream, a kickback of around $1 million if he got the price lowered. Accepting a kickback for a lower price for the oil and gas assets could have been a breach of fiduciary duty since Gutekunst was in charge of getting the best price possible for creditors of his hedge fund’s bankruptcy.

There is a lot great detail in the Growth Capitalist story describing how Imbruce appears to attempt to inflate assets that would have rolled into the SPAC to make it look like a higher valuation to the investing public. There are a bunch of well known hedge funds invested in the SPAC like Bulldog Investors, AQR and Pine River Capital. Luckily the hedge fund running the SPAC shied away from Imbruce after the initial due diligence inspection. They found his FINRA violations while working for Madoff Energy that he apparently never likes to tell anyone about.

I’ve reported on Imbruce troubles with lawsuits before here. He is an active sailor on the Connecticut Sound race scene and a member of the Stamford Yacht Club.

Arrested New Stream Executive Bart Gutekunst

Arrested New Stream Executive Bart Gutekunst

Greg Imbruce of ASYM

Greg Imbruce of ASYM

Editor’s Note: You can see some of the deal docs on the busted SPAC deal by Imbruce and New Stream here and here.

SEC Fines SAC’s Steve Cohen Millions but is Afraid to Say his Name

Stevie laughing with wife Alex at the SEC

SAC Capital run by Greenwich hedge fund manager Stevie Cohen agreed to settle insider trading violations with the Securities and Exchange Commission yesterday for $614 million. The regulator amended its complaint from November 2012 when it sued a SAC trader Matthew Martoma for making triple digit millions off inside info on two drug stocks. Martoma who worked at a division of SAC Capital called CR Intrinsic was as arrested by the Justice Dept and faces years in jail. I talked about the new information in the SEC complaint with RT’s most popular TV host Max Keiser yesterday on a radio program. It’s a short fun 3 minute listen that you see here.

What I found most appalling about this settlement is the SEC lays out dates, times, and conversations that Stevie Cohen has with his employee about the inside information and then he trades on it to avoid millions in losses. Except the SEC won’t even directly name him in the lawsuit. Yep- they just call him portfolio manager A and add in one line at the beginning of the complaint that portfolio manager A is the founder and owner of SAC Capital. Who we all know is Steve Cohen of Greenwich, Conn.

Stevie laughing with wife Alex at the SEC

Stevie laughing with wife Alex at the SEC

The settlement has a ton of penalty fees in it and the SEC is flying their press flag touting it’s their largest insider trading settlement ever. But what kind of impact does this have on other participants in the market if they think you can just pay your way out of insider trading. Unlike Diamondback and Level Global, funds seeded by Stevie Cohen, who had to shut down from the stain of guilty inside traders at their firms; SAC Capital is business as usual. Cohen didn’t loose his securities license and he can afford the fine considering is net worth is now up to $9-10bn. His firm also doesn’t admit any GUILT.

It’s one of the biggest slaps in main street’s face because it shows if you’re the world’s most famous trader, and have enough money, you can just pay the government to allow you to inside trade.

Now the Justice Department has a bulls eye on Stevie Cohen and has tried to build a case to arrest him since 2006 and could still make an arrest. I mean the SEC’s case only flat out tells them how Stevie did the inside trade. But with the statute of limitations in these cases they only have till June this year to make a charge. Right now it’s looking like Stevie just bought himself a get-out-of-jail pass and he’ll be collecting more millions as he rounds GO.

New Stream Hedge Fund Executives Charged with Criminal Fraud

Today at 1pm in Hartford, Conn. federal court executives of Ridgefield-based hedge fund New Stream Capital were indicted on 19 counts of conspiracy, securities fraud and wire fraud. Tom Carson, DOJ pressman, confirmed the arrest of David A. Bryson and his co-founder Bart Gutekunst along with his CFO Richard Pereira last week. The case has been unsealed today. I first reported in 2009 the hedge fund was being investigated for investor fraud by the FBI at Hedge Fund Implode and continued to report on the fund’s bankruptcy and investor lawsuits for DealFlow Media and Forbes over the last two years.

The federal documents unsealed today also mentions a co-conspirator #2 labeled as a marketing and client relations person. This would be David’s sister, Tara Bryson, who I first reported was arrested for growing a pot farm in her Newtown, CT mansion with her boyfriend at Forbes. Tara Bryson went on to run a goat cheese farm and sell at local farmer markets in Fairfield County which include New Canaan. She was not charged with her brother today but did settle with the SEC in their civil suit against the fund for overvaluing assets and reaping millions in fees.

Also not in handcuffs today was Perry Gillies, the former GE executive and chief operations guy New Stream brought in to help communicate with investors and manage staff.

David and Bart used their homes as collateral for the $5 million bond. Rich, the CFO, only had to post a $300,000 bond. David’s wife Kristin Bryson was in court with him and does external public relations for IBM. The $3 million Bryson home in Ridgefield is up for sale – they bought it while David was running New Steam in 2006. All three plead not guilty and went home to their families in Ridgefield and Weston. The New Stream executives are facing over 100 years in jail if convicted on just five of the 18 counts of securities and wire fraud.

I’ve reported more on the history of New Stream, the names of funds that invested in New Stream, and how the investors led lawsuits built the government’s case for them at Growth Capitalist.
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Hedgie Harassed by Pizzas also Managed Toxic CDO in DOJ’s S&P Lawsuit

Yesterday I reported on a New Canaan hedge fund manager who had a guy arrested for calling him multiple times saying he was a crook for working at Bear Stearns. The headlines were about some kind of harassment going on where the guy was obsessed with Higgins wife – who he use to date. I thought Higgins stalker was a bit off because Higgins actually left Bear Stearns in 2004 so how could he have helped caused their spectacular 2008 downfall. Well I might have been wrong about that.

Today in the DOJ civil fraud suit against the rater, S&P, we learn all about this $500 mn-ish asset backed CDO that was sold to a California credit union and blew up a year after S&P gave it a glowing buy signal. It was called Sorin VI Ltd and issued in March 2007. Well guess who picked the collateral that went into that CDO at the center of the DOJ’s lawsuit – non other than James Higgins firm Sorin Capital Management. And guess who the underwriter was…yep his buddies at Bear Stearns on the resi mortgage desk specifically Mike Neirenberg who ran the Alt-A desk.

Moody’s records show they started taking negative down grades on the toxic CDO Higgins managed in April 2008. His Bear Stearns buddy, Nierenberg, is one of the main traders in my big rmbs fraud story at The Atlantic that was also part of the Frontline Flim The Untouchables. I reported in May 2010 for The Atlantic analysts that worked for Nierenberg were told to make up loan level detail for the raters (like S&P) to get the bonds rated faster. Something that pretty much equals fraud.

Now this story gets even funnier because S&P thought the CDO was so screwed up – while they were rating it – that they even made a little song called ‘Burning down the House’ about it. FTAlphaville has some fun insight on the CDO and the suit today. The California credit union that bought $100mn of the CDO ended up loosing 90 percent of their investment, while Hedgies acting as collateral managers made some nice extra change ‘managing” the CDOs. And as long as they didn’t also own a tranche of the toxic stuff they took care of there wasn’t a lot risk for them.

New Canaan town records show 2008 was the year Higgins bought his huge spanking new mansion at 1480 Ponus Ridge Rd for near $8 million. Then at the end of the year he had to tell his investors his $1.5bn flagship fund was well…negative 36 percent.

Maybe Higgins alleged stalker, Donato Minicozzi, really did know something about how Higgins worked when he called to tell him “Bear Stearns Crook. Notre Dame Sucks. See you at South Beach.” But then this was a guy who threaten the millionaire by saying he’d send pizzas and girls to his house– so he might not be that clever.

Are the Feds Gunning for Civil RICO against Steven Cohen or SAC Capital?

The DOJ has a hard on for famed hedgie Stevie Cohen and the rest of the financial press has suddenly just figured this out. Cohen, a stock trader who founded Stamford-based SAC Capital, runs a trading company that is facing a pending SEC lawsuit. What the SEC would sue for we don’t actually know yet but my fellow journalist are speculating it’s for insider trading because six other people who once worked for Cohen have been arrested for such securities crimes.

I’ve covered Stevie Cohen since 2007 for Trader Monthly when we put him on a pedestal as a top 100 trader simply for the amount of money he made in a year. Cohen-ites (his loyal band of testosterone fueled stock jockey traders) live all around me in lower Fairfield County and I’ve interviewed countless people who have worked for him or are family related. The man has created a cult like mafia club who even when he kicks your rear out of his firm for one bad trade are still ultra loyal to him. I’m consistently told “No trader is ever going to try to cross Stevie Cohen”. So getting a trader like Mathew Martoma, who was arrested last week for one of the largest inside trading profits the DOJ has figure out yet,is going to be really tough for Federal prosecutors. I know as a fact Stevie became aware of the FBI investigating him personally for insider trading as far back as 2006 – based on conversations Stevie had with people I spoke with. That’s why we are seeing press reports about the number of compliance people he has at SAC because he amped up that division of the firm once he knew the feds were on to him.

The DOJ is playing a game of chicken with Cohen by throwing in a paragraph in their recent criminal case against a trader who worked from him saying ‘the hedge fund owner’ was on a call discussing getting out of the stock the Feds think was traded with inside info. There was really no legal reason to put that detail into the complaint since they haven’t charged Cohen but it’s clear they wanted the public to hear they are coming after him. Now nearly every one of the SAC traders I have spoken with simply think there is no way Stevie is that dumb to have a 20 minute conversation with Martoma that would included Stevie hearing Martoma say he wanted to get out of the trade because he was just leaked material non public information about a drug trial. In fact the person they think would be dumb enough to have that convo is the man who ran and partial owned CR Intrinsic Matt Grossman. Stevie is really slick about moving risk away from his direct line of fire and since the DOJ complaint doesn’t actually name who Martoma spoke with all we can do is speculate and hope the DOJ who is leaking a ton of info to reporters is telling the truth.

I only know of one sloppy practice Stevie has done in the past which could set him up for a co-conspirator in securities fraud – he would have weekly calls with traders who held large positions on Sunday nights to get a status of why they are in the trade. Cohen knew his traders used expert networks and according to firms that worked with SAC he encouraged his traders to use them. Still using an expert network isn’t illegal as long as you don’t get secret material non public info from them. That’s why I’m hearing from people who have been interviewed by the Feds about Stevie that a one time criminal charge for insider trading isn’t their goal. Instead it’s a non criminal suit–they want to charge him with Civil RICO.

Think about it – we know there is a pattern of behavior coming out of SAC Cap to get inside info to boost their trading gains. So if they want to get the leader of this pact why not try a suit that doesn’t need a full burden of proof jury to convict but just a majority who thinks he did this. They also need a pattern of about three crimes that followed the same amo and they basically already have that. With Civil RICO the DOJ can also go after Stevie’s personal assets if they can prove he bought them with money earned at SAC Capital. Given about half of the $14 billion in assets the firm manages are Stevie’s that sure gives the DOJ a big bucket of money to go after. The DOJ’s goal isn’t to get an inside trading charge on him with maybe a few years of jail time; they want to totally obliterate Cohen, shut down any chance of his trading again, and then take away his 36,000 sq ft palace in Greenwich and leave his wife Alex and daughters with nothing to live on.

Now this might be a pipe dream to the guys and gals running the DOJ financial fraud unit but I am quite confident after over six years of time and money spent on chasing Stevie Cohen they won’t give up with out a down and dirty fight. The problem is proving liability and their under paid lawyers and investigators have an uphill battle against the mind of Cohen and his cartel of other hedgies he’s helped turn into millionaires.

I hear of office bets at Wall Street firms setting up pools on if Cohen gets arrested and most are betting indicted but not convicted. That’s how much power and smarts they think this trading titan has. I have no doubt that Stevie started his career at Gruntal using inside info to make money — in court filings with his ex-wife’s lawsuit his attorney never argues Stevie didn’t inside trade on RCA they just claim she can’t sue for it because it’s past the statute of limitations. (Patricia Cohen’s suit against her ex-husband Stevie Cohen is still ongoing in NY State Appellate Court) But what I have doubt in is the DOJ’s ability to get the mafiosi informant type of evidence they’d need to nail him…and that’s just a sad fact of our justice system.