Ronald Starr steps down from board seat citing the 'misfortune' of being his father's son
Son of Kenneth Starr says his actions are intended to keep adverse media attention away from GlobalOptions
2 min read- Ronald Starr resigned from GlobalOptions board, citing fallout from his father's alleged fraud.
- Kenneth Starr, investment advisor, faces charges of defrauding investors in a Ponzi-like scheme.
- Starr's son, Ronald, was chief compliance officer at Starr Investment Advisors, raising conflict concerns.
Citing the misfortune of being Kenneth Starr’s son, Ronald Starr resigned from his position on the board of directors of GlobalOptions Group, a Manhattan-based publicly held risk mitigation firm.
In a letter to CEO Harvey Schiller, the younger Starr said it was in the best interests of GlobalOptions Group that he resign.
“Despite my being innocent of any wrong doing (other than the misfortune of being Kenneth Starr’s son), I hope that my resignation will mitigate any adverse media fallout from these unfortunate events.”
What the ADV form of Kenneth I. Starr's RIA reveals and what to make of it
Kenneth Starr, an investment advisor whose celebrity clients over the years included Wesley Snipes and Sylvester Stallone, was arrested My 27 and charged with defrauding investors of $30 million (government officials have since said his fraud may well be larger than that). He is alleged to have run a Ponzi-like scheme, using money from clients for loans, business ventures and to support his own lifestyle.
Not charged
Story Timeline
According to an ADV dated May 25, Ronald M. Starr was chief compliance office of Starr Investment Advisors. Some industry experts suggest that such conflicts of interest ought to raise more SEC and investor scrutiny, but that opinion is by no means universal. See: What the ADV of Kenneth I. Starr’s RIA reveals and what to make of it
A biography included in GlobalOptions annual report described the younger Mr. Starr’s business experience this way:
“Since 1996, Mr. Starr has been a Managing Director at Starr & Co., LLC, an accounting and business management firm for high net worth individuals,” according to the annual report, which also lists Millennium Technology Ventures and PS Capital Ventures as firms he had been involved in. He also worked at Proskauer Rose LLP, a New York City law firm.
Broad experience
“The Board believes that, as an attorney, and as an executive in the venture capital industry, Mr. Starr has broad experience advising and assisting in the growth of small and mid-size companies,”the report says.
GlobalOptions had revenue of $102.1 million in the year ending Dec. 31, 2009. The company has some high-profile executives, including Dr. Schiller. Until April, former New York City police commissioner Howard Safir was an executive.
Ronald Starr’s letter also thanks Schiller and other board members for “their strong support of me personally.”
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