'Mini Madoff' Starr Pleads Guilty to $50 Million Fraud
Lawyer Blogs
Financial adviser to the stars Kenneth I. Starr, Starr & Co. pled guilty before the U.S. District Court for the Southern District of New York Friday to ripping off $50 million from A-listers including Wesley Snipes, Sylvester Stallone, Uma Thurman, Nora Ephron and Al Pacino.
The 66-year-old Starr told the judge he improperly used his clients' money for his own purposes. His attorney, Flora Edwards, told the court: "He's committed a horrendous error in judgement. This was truly a horrendous error. I don't think it was greed. He made a real bad mistake, and he's deeply sorry for it."
The three counts that Starr pled guilty to - wire fraud, money laundering and adviser fraud - carry a sentence of up to 12 years. He still faces 20 additional counts and charges by the Securities and Exchange Commission.
U.S. Attorney for Manhattan Preet Bharara said: "Kenneth Starr is a tale of fiction and fraud, in which he played the role of legitimate investment adviser to a cast of unsuspecting victims."
When prosecutors arrested Starr on May 27, they found him hiding in a closet of his $7.5 million Upper East Side condominium, which the government has since seized. His sentencing is scheduled for Dec. 15.
Starr's fourth wife, former Scores stripper Diane Passage, failed to show up for her husband's court appearance on Friday. Her lawyer, Giovanni DiStefano, told The New York Post Passage needed to look after her 12-year-old son. A recent Vanity Fair feature on Starr and his misdeeds paints the picture of a man who knew how to tell his celebrity clients what they wanted to hear about the far reaches of their wealth, and whose own personal greed continued to grow as he remarried.
Related listings
-
No more bets: WA court says online bookie illegal
Lawyer Blogs 09/03/2010All bets are off at Betcha.com, a Seattle-based online bookmaker that couldn't skirt the state's gambling laws by making it optional for losing bettors to pay off wagers.In a unanimous ruling Thursday, the Washington state Supreme Court said Betcha.c...
-
Pharmacy measure in ND Supreme Court's hands
Lawyer Blogs 09/02/2010Supporters of a voter initiative that could help bring cheaper prescription drugs to North Dakota are hoping a legal technicality won't keep them from getting the issue placed on the ballot.At issue is a state law that requires most pharmacies to hav...
-
Mass. court rejects challenge to Cape Wind permit
Lawyer Blogs 09/01/2010Developers of a proposed Nantucket Sound wind farm were cleared to move forward Tuesday when Massachusetts' high court rejected a claim that the project sidestepped local opposition to win a key permit.Cape Wind project, a 130-turbine proposal that w...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.