Saturday, 30 August 2014
Last updated 1 day ago
Jun 11 2010 | 11:21am ET
Kenneth Starr, the New York money manager to the stars, has been formally indicted on fraud charges for allegedly stealing at least $59 million from his clients.
That figure is nearly twice the $30 million prosecutors estimated he stole when he was first arrested last month. Prosecutors also now allege that he ripped off 11 clients, rather than seven. One of those clients is an unidentified hedge fund manager.
Starr was charged by a federal grand jury in New York today with 20 counts of wire fraud, as well as securities fraud, money laundering and fraud by an investment adviser. If convicted, he faces up to 20 years in prison on the wire fraud charges.
It could yet get worse for Starr, as well. U.S. Attorney Preet Bharara said that the investigation into Starr’s alleged crimes was ongoing.
Over the years, Starr Investment Advisors and Starr & Co. advised such Hollywood names as Goldie Hawn, Ron Howard, Martin Scorsese, Wesley Snipes, Sylvester Stallone and Uma Thurman. Assuming control over some of their financial lives, Starr then used that access to enrich himself and his friends, the criminal complaint alleges. According to prosecutors, he solicited money for investments that he then stole, as well as simply stealing money from their accounts. He also ran a Ponzi scheme, using client money to repay clients who wanted out.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...