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.