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U.S. markets recover from steep losses
NEW YORK, Sept. 10 (UPI) -- A New York investment adviser who catered to the Hollywood elite pleaded guilty to fraud in a federal court Friday, court papers say.
Kenneth Starr, who circulated through movie premiers and charity parties to solicit the likes of Al Pacino and Sylvester Stallone to his big screen client base, faces up to 12 1/2 years in prison after pleading guilty to one count each of wire fraud, money laundering and investment adviser fraud, The New York Times reported.
By his own admission, Starr stole up to $50 million to pay legal fees and finance a lavish lifestyle. His condominium in the Upper East Side of Manhattan includes a 1,500-square-foot garden and a lap pool.
"He's assumed full responsibility for his conduct. He made a colossal error in judgment that he recognizes. He's paying a very, very heavy price," said Flora Edwards, one of his attorneys.
It is likely Starr will be forced to pay restitution that will be "significantly less" than $50 million, Edwards told the Times.
He isn't related to the Kenneth Starr who investigated President Bill Clinton's conduct while in office.
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