Admitted Ponzi Schemer Kenneth Starr Faces Prison At Sentencing Wednesday
NEW YORK (CBSNewYork) – Kenneth Starr, a financial advisor to celebrities like Wesley Snipes, Sylvester Stallone and Martin Scorsese, is expected to be sentenced to years in prison Wednesday for running a $59 million Ponzi scheme.
Starr admitted to cheating nine elderly and wealthy clients out of millions to pay for his own bills, including the purchase – and sale – of a $7.5 million apartment in Manhattan. Actress Uma Thurman was among the victims of the apartment scam.
Starr, 66, faces up to 12 years in prison. Starr’s attorneys want him to do half of that time, claiming he made a mistake.
Starr’s clients apparently trusted him so completely they tunred over all their financial dealings to him. He paid their bills, invested their money, and collected their earnings. All the while, though, he was stealing millions. There’s no indication Snipes, Stallone and Scorsese were victims of Starr’s scheme.
Prosecutors say he carried out his Ponzi scheme from January 2008.
American Express is also suing Starr for $350,000 in charges the company claims he racked up on his Platinum and Gold cards.