Celebrity financial advisor Kenneth Starr was sentenced to seven and a half years in prison for his role in a multimillion dollar fraud and money laundering scheme.. Starr pleaded guilty to one count of wire fraud and one count of monet laundering and one count of fraud by an investment advisor. Starr stole millions of dollars from his clients by laundering the stolen money through an “attorney trust account” to hide the source of the funds. Who does he think he is? Bernie Madoff?
Starr made material misstatements or omitted crucial information in order to draw his clients into making certain investments. Then, he used the fraudulent funds to buy a luxury condo in Manhattan, (sound familiar?) cover expenses for his company Starr & Company, repay clients who discovered that Starr stole from them and pay a four million dollar legal settlement with a former client. Under the plea agreement Starr admitted he was responsible and agreed to pay more than 29 million in restitution. Move over Bernie, looks like you’re going to get a cell mate!