PACINO SEVERED TIES WITH BANKER SUSPECTED OF FRAUD
AL PACINO narrowly avoided losing millions in the fraud scandal involving celebrity financial adviser KENNETH STARR by withdrawing all of his cash from the company just weeks before the disgraced banker was arrested.
Starr was busted by federal agents in New York last week (27May10), acc used of embezzling a staggering $30 million (=C2=A320 million) from clien ts including Uma Thurman, Martin Scorsese and Wesley Snipes.
He was charged with wire fraud, investment adviser fraud and money laun dering amid claims he used the stolen cash to buy a luxurious Manhattan a partment.
But Hollywood legend Pacino managed to escape the financial nightmare b y recently ending business relations with the suspect’s firm Starr & Co.
According to the New York Post, Pacino warned one of Starr’s top accoun t managers he was severing ties with the company and encouraged the emplo yee to quit his job to continue managing the actor’s funds.
He reportedly told the manager, "I’m leaving with you or without you, s o if you want to retain my business, you need to leave." A source tells the publication, "The guy ended up (opening another comp any) with another guy and took Pacino with him about a month ago. Pacino must have known something." Starr is being held without bail. His associate, former New York City C ouncil President Andrew Stein, who was also arrested in connection to the fraud scheme, has been released on $250,000 (=C2=A3166,667) bond. He has been charged with making false statements in documents filed with the In ternal Revenue Service and making false statements to a federal officer.
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