Starr agreed, as part of the guilty plea, to forfeit a condominium on Manhattan's Upper East Side that cost at least $7.5 million.
Criminal Counts
Starr, 67, was arrested in May 2010 and charged with 23 criminal counts. He pleaded guilty to one count each of wire fraud, investment adviser fraud and money laundering.
Starr & Company LLC, the defendant's firm, managed assets and provided financial planning to high net-worth individuals.
Starr in some cases "exercised direct control over the personal bank accounts of his clients" and made transfers of funds to himself, according to the indictment. He also induced some clients to invest in "risky illiquid business ventures in which he, his wife and/or his close associates often held material financial interests."
The criminal case is U.S. v. Starr, 10-00520, U.S. District Court, Southern District of New York (Manhattan). The civil suit is SEC v. Starr, 1:10-CV-04270, U.S. District Court, Southern District of New York (Manhattan).