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Celebrity Financial Advisor Gets 7 Years For $30M Scam

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NEW YORK (AP)  — A former financial adviser to the stars has been sentenced in New York City to more than seven years behind bars for a multimillion-dollar investment scheme.

Admitted conman Kenneth Starr was sentenced Wednesday in federal court to serve seven years and six months in prison.

Starr had pleaded guilty to cheating nine wealthy and elderly clients out of more than $30 million. He admitted secretly diverting their money into risky investments or his own pockets.

Prosecutors say Starr used some of the money to bankroll a Manhattan condo and a lavish lifestyle.

Defense lawyers had argued their 67-year-old client deserved leniency. They called the scheme an isolated mistake made after a lifetime of honesty and helping others.

He’s advised Wesley Snipes, Sylvester Stallone and Martin Scorsese. There’s no evidence they were victims of the fraud.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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