Ken Starr (Not That Ken Starr) Charged With Running $30 Million Fraud

Thursday, May 27, 2010 , , 1 Comments

When I first saw the name, I thought it a little too hilarious. Of course we aren't talking that Ken Starr (too bad) but this is scandalous all the same.


A New York financial adviser to the rich and the famous was charged Thursday of running a $30 million investment fraud and using the funds to enrich himself and friends, including a former New York City politician.

Kenneth I. Starr, who at one time advised actors Wesley Snipes and Sylvester Stallone, allegedly used his access to famous and powerful clients to "burnish an image of trustworthiness" and, in some cases, assume total control over his clients' financial lives, according to a criminal complaint filed by federal prosecutors in the U.S. Attorney's Office in Manhattan.

Andrew Stein, a former state assemblyman and the last person to hold the title of president of the New York City Council, was described as an "associate" in the alleged scheme. He was charged Thursday with making false statements in an Internal Revenue Service filing and making false statements to an IRS agent.

The criminal complaint didn't have details on the alleged victims, but it described them as an unnamed hedge-fund manager and well-known philanthropist, an actress, a former executive of a talent agency, an elderly heiress and a jeweler who is a convicted felon.

Just goes to show, being famous doesn't automatically make you smart and/or fraud-proof.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Anonymous said...

"Just goes to show, being famous doesn't automatically make you smart and/or fraud-proof."

Even being famous AND smart dosn't make one bullet proof -

South Sea Bubble of the 1700's
Sir Isaac Newton was reported to have lost some 20,000 pounds speculating in bubble stocks. He was later to say: "I can calculate the motions of heavenly bodies, but not the madness of people".

Personally, I think a sense of humility (while not completely goof-proof) is the best "wealth preservation condom".