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

Researchers develop technique to control weather at will

Researchers at the University of Central Florida claimed to have developed a new technique that will enable humans to control the weather.

The researchers have claimed that sky can be induced to rain and create thunder and thunderbolts with the help of incredibly high powered lasers point towards the sky.

As condensation of water...

Most Popular

Floral, Organic and Microbial Matter in Glass linked to Ancient Asteroid Impact

Impact of an asteroid hitting earth in the past was...

A First: Earth-Like Planet Discovered

Kepler Space Telescope-led astronomers to find an Earth-...

Newly Discovered Female Bug Species in Brazilian Caves have Penis

Well, what researchers have now discovered will...

NASA’s LADEE Spacecraft Crashes on Dark Side of Moon

A crash into the lunar space brought the NASA's LADEE...

Poll

Can Greece Come out of Economic Problems: