Ken Starr denies charges of $59M fraud

Ken Starr denies charges of $59M fraud
Kenneth Ira Starr, the New York investment adviser who faces federal charges that he defrauded his celebrity and socialite clients, denied wrongdoing today in a brief court appearance.
MAY 27, 2010
Kenneth Ira Starr, the New York investment adviser who faces federal charges that he defrauded his celebrity and socialite clients, denied wrongdoing today in a brief court appearance. Starr, 66, was indicted yesterday following his May 27 arrest for swindling clients. He pleaded not guilty today in Manhattan federal court, where a judge jailed him last month after prosecutors argued that he might flee. The indictment accuses Starr of stealing at least $59 million from 11 clients, including an actress, a former executive of a talent agency, the stepson of a deceased heir to a business fortune, a 99-year-old heiress, and a film producer. “Mr. Starr wishes to plead not guilty,” his court appointed lawyer, Sabrina Shroff, said in court today. Starr didn't speak and will next appear in court on June 21. Starr used his access to famous and powerful clients “to burnish an image of trustworthiness, leading his clients to entrust him with management and control of their financial affairs,” sometimes assuming “total control” over their financial lives, the indictment charges. --Bloomberg

Latest News

Trump account confusion is widespread among parents — and advisors have an opening
Trump account confusion is widespread among parents — and advisors have an opening

Only 7% of U.S. parents are "very confident" they understand how the Trump accounts work, says Omni Calculator

Receiver sues to recover alleged Traders Domain Ponzi profits
Receiver sues to recover alleged Traders Domain Ponzi profits

One transfer alone came to $5.6m, and the receiver says none of it was real profit.

SEC accuses S2A Modular founders of alleged $65 million investor fraud
SEC accuses S2A Modular founders of alleged $65 million investor fraud

Investors chose which factory to fund - the SEC says the money went elsewhere.

Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL
Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL

Ameriprise and LPL Financial for the past few years have engaged in a financial advice trade war.

Am I stuck? Rethinking career mobility at every stage
Am I stuck? Rethinking career mobility at every stage

Why advisors at every stage may have more leverage, flexibility, and strategic options than they realize.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income