Michael Steinhardt, a US billionaire, has been banned for life from buying antiquities after an investigation found that items he owned had been looted and illegally smuggled. He surrendered treasures worth $70,000,000 and will not face criminal charges
Michael Steinhardt speaks at the Reuters Investment Summit in New York December 8, 2008.
Michael Steinhardt has surrendered treasures worth $70m as part of a deal which means he will not face criminal charges. Among the 180 items he has handed over are the Stag's Head Rhyton, a drinking vessel dating from 400BC worth $3.5m.The 3,000-year-old item was bought from a known trafficker in 2016, prosecutors allege.Mr Steinhardt "displayed a rapacious appetite for plundered artefacts 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".
Mr Steinhardt's lawyers said he was pleased the investigation had ended and that "items wrongfully taken by others will be returned to their native countries".
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