Attorney Jonathon Bristol In Potential Ponzi Scheme - New York Estate Planning News

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Attorney Jonathon Bristol In Potential Ponzi Scheme

Jonathon Bristol, a formal attorney for a financial adviser to celebrity clients, was arrested for charges involving money-laundering. The Associated Press reported a lawsuit against Bristol was filed in Manhattan's federal court and alleged he helped cover up Kenneth Starr's Ponzi-like scams.

Kenneth Starr, who had been a one-time advisor for celebrities like Wesley Snipes and Sylvester Stallone, supposedly embezzled investor money from his clients. The suit claimed Jonathon Bristol helped hide the stolen money and placed them in secret escrow accounts. Bristol pleaded not guilty to the charges held against him and was released on a $1 million bail bond. He may face a maximum of 20 years behind bars if found guilty.

In one scenario, prosecutors believed that the pair had stolen around $5.75 million from a 100-year-old heiress. Starr pleaded guilty in September to cheating elderly and wealthy clients. He would put their money into risky investments but later keep it for himself, stealing tens of millions of dollars. Kenneth Starr admitted to deceiving clients since 2005 and taking $20 million to $50 million of their funds.

The Securities and Exchange Commission accused Jonathon Bristol in a civil lawsuit of permitting Starr to use his attorney-trust accounts to help hide the money stolen from clients. The SEC seeks compensation in civil fines from Bristol and is looking to prohibit him from practicing in the securities field.

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