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

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR