On Monday, a former portfolio manager at SAC Capital Advisors, Mathew Martoma, sat stonefaced in a courtroom in Lower Manhattan, facing insider trading charges.
His onetime boss, meanwhile, was looking forward to an evening of basketball.
Steven A. Cohen, the billionaire founder of SAC â€" a hedge fund that pleaded guilty last year to criminal insider trading charges â€" was spotted in a prime seat at Madison Square Garden on Monday, watching the New York Knicks play the Phoenix Suns. Seated beside him was the art dealer Larry Gagosian.
A photograph taken by Martin Smith, a journalist and filmmaker, shows Mr. Cohen and Mr. Gagosian seated behind Jeff Hornacek, the Suns coach. Mr. Smith, who recently co-produced a documentary on insider trading for “Frontline†that featured Mr. Cohen, said he took the picture with his iPhone from a TV broadcast of the game.
The snapshot, Mr. Smith said, was taken with about 2.5 seconds left in overtime. He spotted Mr. Cohen on the screen and did a double-take before rewinding the recording to take the picture, he said. Before long, the image was being passed around Twitter.
Though it is hardly unusual for a billionaire to sit courtside at a basketball game, Mr. Cohen is no ordinary billionaire. A hedge fund manager with one of the most spectacular track records on Wall Street, Mr. Cohen recently has contended with a government crackdown that forced his firm to pay a $1.2 billion fine and close its doors to outside investors.
Mr. Martoma, the former trader, is accused of using secret drug trial information to help SAC avoid losses and gain profits totaling $276 million. Another former SAC employee, Michael Steinberg, was convicted of insider trading in December.
Through it all, Mr. Cohen has managed to continue some favorite pursuits. Last fall, he appeared relaxed courtside at Madison Square Garden while watching the Knicks defeat the Milwaukee Bucks.
The owner of one of the world’s most valuable art collections, Mr. Cohen sold certain pieces at auction last fall with an eye to refreshing his holdings. He has done business in the past with Mr. Gagosian, buying two Warhols that he sold in recent years.
So, are more art deals in Mr. Cohen’s future? A spokesman for Mr. Cohen declined to comment, and a spokeswoman for Mr. Gagosian did not immediately respond to a request for comment.
In any event, the Knicks put on a good show on Monday night. In a hard-fought game, the team eked out a 98-96 victory, extending its winning streak to five games.
