Starr Associate, Ex-NYC Official Guilty In Tax Case

Dec 2 2010 | 6:54pm ET

Andrew Stein, the former New York City official and associate of fraudster Kenneth Starr, has pleaded guilty to tax evasion.

Stein faces up to one year in prison on the misdemeanor failure to pay income taxes count. He was accused of not paying taxes for the year 2008; he was not charged in the Starr case despite allegations that Starr spent some of the up to $50 million he stole on Stein's "extravagant personal expenses."

Starr pleaded guilty to ripping off his clients, including an unidentified hedge fund manager and several Hollywood luminaries, in September. Starr allegedly moved investor money through a shell company set up by Stein, Wind River LLC.

At his own plea hearing Wednesday, Stein admitted that he "stupidly did not pay the taxes" for 2008, when he "had taxable income in excess of $1 million," according to the charge.

"I was wrong, your honor," Stein, who served both as Manhattan borough president and president of the New York City Council, told U.S. Magistrate Judge Ronald Ellis. "I take full responsibility for it."

Stein was released on his own recognizance, pending his sentencing.


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note