Pacino Severed Ties With Banker Suspected Of Fraud
By WENNMonday, May 31, 2010
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), accused of embezzling a staggering $30 million (£20 million) from clients including Uma Thurman, Martin Scorsese and Wesley Snipes.
He was charged with wire fraud, investment adviser fraud and money laundering amid claims he used the stolen cash to buy a luxurious Manhattan apartment.
But Hollywood legend Pacino managed to escape the financial nightmare by recently ending business relations with the suspect’s firm Starr & Co.
According to the New York Post, Pacino warned one of Starr’s top account managers he was severing ties with the company and encouraged the employee to quit his job to continue managing the actor’s funds.
He reportedly told the manager, “I’m leaving with you or without you, so if you want to retain my business, you need to leave.”
A source tells the publication, “The guy ended up (opening another company) 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 Council President Andrew Stein, who was also arrested in connection to the fraud scheme, has been released on $250,000 (£166,667) bond. He has been charged with making false statements in documents filed with the Internal Revenue Service and making false statements to a federal officer.
