NEW YORK – 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.
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
