Fraud in New York: a Mini- Madoff

Somebody named Starr ripped off rich folks – nothing new there. But also arrested was Andrew Stein who was, back in the Koch administration a big deal.I mean, I remember the guy – he was president of the City Council, for goodness sake, and the son of a multi-millionaire. Can’t anyone down in Manhattan keep his zipper closed?

I do like this bit:

When Mr. Starr, 66, was arrested Thursday morning, he was found hiding in a closet, betrayed when agents spotted his shoes under the door.

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4 responses to “Fraud in New York: a Mini- Madoff

  1. Anon1

    Why don’t athletes and movie stars use established, public companies to manage their funds, such as Merrill Lynch? It’s always the independent financial guy with the “special investments” who’s the fraud and thief. Stars seem to never learn.

  2. Peg

    Anon1, I have similar thoughts.

    My guess is that these celebrities think that they are so “special” – they just can’t use the same resources that the “hoi polloi” use.

    Of course, clearly some do have superior skills to others. Yet, what is it about these frauds that they are able to ingratiate themselves with the super-wealthy to the point that they risk so much?

    And yes, Christopher. “Hiding in the closet” seems apropos for this low life.

  3. Cos Cobber

    Yeah, at least if you use one of the big shops you get the benefit of having someone with assets to sue if there is a fraud problem.

    • At one point in my legal career chasing wicked stockbrokers, CC, I had something like $1.5 million in judgements against firms sitting in my files, all of them against penny stock firms and all of them uncollectible. That’s $500,000 in lost income. I used to love cases against the big boys because I knew that at the end of the process I’d be collecting a nice fee. Oh! And my clients would get back their money too.
      : )