According to a May 28, 2010 Wall Street Journal article, financial advisor Kenneth Star was charged by federal prosecutors with running a fraud scheme alleging he used clients’ money to finance his own and friends’ lavish lifestyles. A all too familiar story over the past two years, Starr, an investment advisor with many celebrity and other wealthy individuals clients, allegedly used the money that was to be invested for his own personal gain. There is no word on how much or if any of the clients’ funds may be recovered.
The Securities & Exchange Commission, in a separate complaint, filed a civil fraud complaint against Starr alleging he provided services to more than 30 high-net-worth individuals and had over $700 million under management at one time.
If you believe you have lost money as a result of mismanagement on the part of your investment advisor of stock broker, please contact our office for a free case evaluation. Thank you.