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7 Days to Die Trader Always Closed: The Rise and Fall of Steven Cohen

Steven Cohen is a well-known American hedge fund manager who has made headlines in recent years due to his involvement in various financial scandals. Born on June 11, 1956, in Great Neck, New York, Cohen's journey in the world of finance began at Penn, where he opened a brokerage account with $1,000 of his tuition money. This early exposure to the stock market would lay the foundation for his future success.

During his time at Penn, Cohen was initiated into Zeta Beta Tau fraternity's Theta chapter and served as treasurer. He later graduated from Wharton School at the University of Pennsylvania in 1978 with an economics degree. Prior to his college days, Cohen attended Miller Great Neck North High School, where he played soccer and developed a passion for poker.

Cohen's early life was marked by his parents' careers - his father was a dress manufacturer in Manhattan's garment district, while his mother was a piano teacher. Growing up in a family with seven siblings, Cohen learned the importance of taking risks from an early age. This lesson would serve him well in his future endeavors.

Cohen's rise to fame began when he founded hedge fund Point72 Asset Management and S.A.C. Capital Advisors. The latter firm would become notorious for its involvement in insider trading and other financial crimes. In 2013, the US Department of Justice charged Cohen with wire fraud and securities fraud related to his activities at SAC Capital.

In a plea deal reached later that year, Cohen agreed to plead guilty to wire fraud and four counts of securities fraud. As part of the settlement, he was prohibited from managing outside money for two years and S.A.C. Capital Advisors agreed to close its doors to outside investors.

The fall of S.A.C. Capital Advisors marked a significant turning point in Cohen's career. The firm had once been one of the most successful hedge funds in the world, with assets under management totaling over $15 billion. However, the insider trading scandal ultimately led to its downfall.

In addition to his work at SAC Capital, Cohen is also known for his involvement in Major League Baseball. In 2020, he purchased a majority stake in the New York Mets, owning approximately 97.2% of the team.

Despite his successes and controversies, Cohen's story serves as a cautionary tale about the dangers of unchecked ambition and the importance of ethical business practices. His journey from small-time trader to hedge fund mogul is a testament to the power of hard work and determination, but also highlights the risks and consequences that come with such success.

In conclusion, Steven Cohen's rise and fall from grace serves as a reminder of the importance of integrity in the world of finance. While his story may be inspiring to some, it also serves as a warning to others about the dangers of greed and the importance of ethical decision-making.

7 days to die trader always closed