Ponzi schemer Kenneth Starr sentenced to seven-and-a half years in fraud case

March 3rd, 2011 - 5:43 pm ICT by ANI  

Sylvester Stallone Los Angeles, Mar 3(ANI): Kenneth Starr, who managed funds for high net-worth US business executives and Hollywood clients, has been sentenced to seven and a half years in prison in a 33 million dollar scheme to defraud his clients.

Starr had pleaded guilty last September to cheating nine wealthy and elderly clients, and secretly diverting their money into risky investments or his own pockets, the New York Post reports.

Prosecutors say that Starr used some of the money to bankroll a Manhattan condo and a lavish lifestyle.

The 67-year-old was charged with one count of wire fraud, one count of money laundering and one count of fraud by an investment adviser.

His clients included Sylvester Stallone, Carly Simon, and Wesley Snipes. (ANI)

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