(ALL TIMES ARE ET)
The program will repeat at 10PM, 12AM and 1AM ET the same night.
“American Greed” Episode 51 - Kenneth Starr: Naked Greed: Celebrity Scam Artist
If you were a bold face name with lots of money, Kenneth Ira Starr wanted to manage it. Famous clients of the New York accountant include Sylvester Stallone, Uma Thurman, Carly Simon, and Wesley Snipes. But on September 10, 2010, Starr pleads guilty to one count each of wire fraud, money laundering, and investment adviser fraud. At his hearing, Starr admits, among other things, that he stole Starr & Co. clients’ money to use for his own purposes between 2009 and 2010.
Here’s how his scam works: Starr solicits money from clients to invest in “sure deals.” Instead, Starr diverts all or some of the money to his bank account or too risky investments that help him, his wife, or close associates.
When clients request their money, Starr pays them using newly-acquired funds. It’s a classic Ponzi scheme. Thanks to his ill-gotten gains, Starr’s third wife, Diane Passage -once a stripper and dancer at Scores- reinvents herself as a socialite and movie/music producer. According to the U.S. Attorney, the total loss associated with Starr’s fraud is between $20 million and $50 million. His sentence: 7 1/2 years in federal prison.
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD+, CNBC is the recognized world leader in business news providing real-time data, analysis and information to more than 390 million homes worldwide. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m.- 8:00 p.m.) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC.com and CNBC Mobile Web (mobile.cnbc.com) offer real-time stock quotes, charts, analysis and both on-demand and live streaming video.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/