New York (CNN) -- Financial advisor Kenneth Starr, who managed funds for high net-worth business executives and celebrity clients, was sentenced Wednesday to seven and a half years in prison in a $33 million scheme to defraud his clients, according to a statement from the U.S. Attorney for the Southern District of New York.
Starr, 67, pleaded guilty last September to one count of wire fraud, one count of money laundering and one count of fraud by an investment adviser.
"Kenneth Starr pretended he had the Midas touch, but he was in reality peddling fool's gold," said Manhattan U.S. Attorney Preet Bharara.
The attorney's office said in its statement that between 2005 and 2010, Starr participated in fraudulent activity and stole millions of dollars from his clients by laundering the stolen money through an "attorney trust account" to hide the source of the funds. Starr also made material misstatements and/or omissions to draw his clients into making certain investments, the statement said.
Starr used the fraudulent funds to buy a luxury condo in Manhattan, cover expenses for his company, Starr & Company, repay clients who discovered that Starr stole from them and pay a $4 million legal settlement with a former client, the statement said.
Under the plea agreement, Starr admitted he was responsible and agreed to pay more than $29 million in restitution, the statement said.
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