Celebrity Investment Adviser Kenneth Starr Arrested in $30M Fraud

May 28th, 2010 - 1:44 am ICT by Angela Kaye Mason  

May 27 (THAINDIAN NEWS) A 65 year old investment adviser to the stars has been arrested and charged with fraud by pulling yet another Ponzi scheme, this one worth 30 million dollars. Kenneth Starr, an investment adviser from Manhattan was arrested on Thursday. He is the chairman and CEO of Starr & Company, which was founded by him in 1989.

Among the client list for Starr are such well known names as Martin Scorsese, Uma Thurman, Goldie Hawn, Ron Howard, Annie Leibovitz, Wesley Snipes, Henry Kissinger, Candice Bergen, Caroline Kennedy, and more. Starr was charged with five different counts in the criminal complaint which was filed in the US Southern District of New York. Among those charges were” wire fraud to obtain property, fraud by investment adviser, money laundering, making false reports to the IRS, and making false reports to federal officers.

Andy Stein, who is a former Manhattan borough and New York City Council president as well as an associate at Starr & Company, was arrested on Thursday as well, and charged for lying to the authorities who were investigating Starr. Both Starr and Stein are due to appear in a Manhattan federal court later today. According to court documents, the firm ran by Starr manages over $700M.

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