Monday, 30 March 2015
Last updated 9 hours ago
Mar 3 2011 | 10:51am ET
Ponzi schemer Kenneth Starr, the financial adviser who peddled his wares to celebrities and at least one hedge fund manager, has been sentenced to more than seven years in prison.
Starr had been facing up to 12½ years under federal sentencing guidelines, but U.S. District Court Judge Shira Scheindlin in New York imposed a relatively lenient seven-and-a-half years owing to Starr's good works.
"He seemed to have lost his moral compass partly as a result of infatuation with his young fourth wife," the judge added.
Starr pleaded guilty last year to ripping off clients to the tune of $20 million and $50 million. 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.
"I can't believe I did what I did," Starr offered yesterday.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…