- Associated Press - Tuesday, July 27, 2010

NEW YORK (AP) - A New York judge says a jailed financial adviser to the stars can get out on bail if his two brothers change their minds and put up their houses as collateral.

A lawyer for Kenneth Starr told U.S. District Judge Shira Scheindlin on Tuesday that the only collateral lined up so far is one brother’s $1.7 million rare book collection. But the judge said the houses were needed as well to secure a $10 million bond.

The 66-year-old Starr was arrested in May in an alleged securities fraud worth $59 million. Prosecutors allege he ran a Ponzi-like scheme from January 2008 through April after gaining the trust of wealthy and influential clients.

Starr is a one-time adviser to celebrities including Wesley Snipes, Sylvester Stallone and Martin Scorsese, though there’s no indication they were victims.

Copyright © 2024 The Washington Times, LLC.

Please read our comment policy before commenting.