Celebrity banker announced 7 year jail

Celebrity banker announced 7 year jail

Celebrity financial advisor Kenneth Starr has been sentenced 7 and half years in jail. He is accused of embezzling $30 million for his person use, from clients like Uma Thurman, Martin Scorsese and Wesley Snipes.

Starr managed funds for high profile business personnel and celebs. As per the statement from the United States Attorney for the Southern District of New York, Kenneth will be facing prison to defraud his clients.

Starr was arrested in May, 2010 and was in jail since then. In September 2010, he was pleaded guilty of three financial crimes, wire fraud, money laundering and making frauds to clients as investment advisor. Realizing his guilt, he told before court "I stand before you a contrite, humiliated and ashamed man. (I) strayed from the values I've been taught. I have no one to blame but myself".

Judge also told Starr to pay $29 million to clients, to which his prosecutors said that Starr does not have that much of asset to pay this amount.

Starr used those funds in a variety of ways that includes buying a luxury condo in Manhattan, managing expenses of his company Starr & Company. Interestingly, he used to pay their money back to all those clients who realize they are cheated. In a similar case, Starr paid $4 million in a legal settlement.


FrenchTribune Specials

Dr.Squyres describe Mars rovers’ journey

Dr. Steven Squyres, who is the Principal Scientific Investigator of the Mars Exploration Rover Mission, has described the various aspects surrounding Mars rovers' journeys.

Dr. Squyres was invited as part of the Institutes'sCenter for Space Technology and Research distinguished lecture series for sharing his experience about performing...

Most Popular

Researchers discover new species of Lizards

According to reports, three new species of lizards have...

Climate Change to cause Bleaching Outbreaks around Florida’s southern coasts by

Florida's coral reefs could be hit by widespread coral...

Canada to Provide $243.5 Million towards Thirty Metre Telescope Project

Late Monday, Prime Minister Stephen Harper said that...

Little Foot was 3.67 Million Years old, believe Scientists

Twenty-one years ago a skeleton was found in South...

Poll

Can Greece Come out of Economic Problems: