Celeb Money Adviser Pleads Guilty In Ponzi Scheme
NEW YORK (WCBS 880/AP) – Financial adviser Kenneth Starr pleaded guilty in a $59 million Ponzi scheme Friday admitting that he stole clients’ money to enrich himself.Starr represented celebrity clients who trusted him so completely that they turned over all their financial dealings to him.
Starr collected earnings, invested savings, paid their bills but he admitted that he was also stealing millions to pay his own bills and to buy and sell a $7.5 million Manhattan apartment, WCBS 880′s Irene Cornell
reports. Actress Uma Thurman and a 100-year-old heiress were among the victims of that particular scam.
Prosecutors say he carried out his Ponzi-like scheme from January 2008 through April. Starr has worked with Wesley Snipes, Sylvester Stallone and Martin Scorsese.
The 66-year-old adviser has been jailed since his May arrest. He faces 10 to 12 years in prison at sentencing.
Former city council president Andy Stein also faces charges in this case for allegedly lying about his dealings with Starr.
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