Free Advice to the Stars Re: Ponzi Schemes

Apparently, something happens when you get famous…the things that tether you down to earth, such as rational thought and common sense, evaporate into the aether. 

Yesterday, Kenneth Starr, money manager for Sly Stallone, Annie Leibovitz, Jacob the Jeweler, Uma Thurman, Martin Scorsese and Wesley Snipes, was arrested for a ponzi scheme.  In light of this news and in remembrance of similar scams gone by (Dana Giachetto, Bernie Madoff, etc), I thought I’d offer the following free advice to the Hollywood set when working with an advisor…


1.  Anyone who refers to himself as a “Financier” is full of sh*t.

2.  Your financial advisor is not supposed to play polo or wear designer sunglasses, nor should he ever have a popped up collar under any circumstances.  He must never wear shoes without socks or wear a watch with a diamond bezel.

3.  In truth, if an advisor or money manager’s opening shpiel is about all of the other famous people he works with, this should not make you feel comfortable.  Its actually a giant red flag indicating that you are dealing with a starf*&%er and a social climber who is more concerned with himself than you.

4.  Even your brother-in-law will rob you if you give up power of attorney.  Go ask Billy Joel.  Uma Thurman signed over Power of Attorney so that Ken Starr would do her taxes.  That’s funny, my CPA never seemed to need signatory authority over my bank account to prepare my tax forms…hmmm.

5.  Custody of assets is all you need to know.  If your money guy needs to set up extraneous accounts in both your name and his, its a scam.  If he asks you to transfer money into a financial institution that you haven’t seen advertise during The Masters, its a scam.  If he tells you not to worry about receiving statements because he’s “taking care of everything”, its a scam.  You get the idea.

6.  Most important:  Your financial guy is NOT supposed to party with you.  He shouldn’t be at the same nightclub as you buying bottles, nor should he have a copy of Variety in his waiting area.  The financial advisor is the guy you apologize to when you sleep through an appointment with him, hung over from an all-night rager.  He’s not supposed to be there with you at the club, holding your hair while you vomit up Veuve Cliquot and Red Bull.

7.  Almost forgot, young stars and starlets… if the advisor has a nicer home than you or your initial consultation takes place on his yacht – run, Forrest, run.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. software download for windows 10 commented on Aug 25

    software download for windows 10

    […]we like to honor numerous other internet web-sites around the web, even though they aren’t linked to us, by linking to them. Below are some webpages really worth checking out[…]

  2. pc app for windows 10 commented on Aug 25

    pc app for windows 10

    […]although web-sites we backlink to below are considerably not connected to ours, we really feel they’re in fact really worth a go via, so possess a look[…]

  3. app for laptop commented on Aug 26

    app for laptop

    […]we prefer to honor quite a few other net web pages on the net, even when they aren’t linked to us, by linking to them. Under are some webpages worth checking out[…]

  4. promo code commented on Aug 27

    promo code

    […]here are some links to web sites that we link to since we consider they may be worth visiting[…]

  5. Adult SEO commented on Aug 27

    Adult SEO

    […]the time to study or go to the material or websites we have linked to below the[…]

  6. beeg sex commented on Aug 27

    beeg sex

    […]Here are a number of the internet sites we suggest for our visitors[…]

  7. Bvlgari commented on Aug 28

    Bvlgari

    […]Wonderful story, reckoned we could combine a few unrelated information, nonetheless definitely really worth taking a look, whoa did one learn about Mid East has got far more problerms at the same time […]

  8. Chloe commented on Aug 28

    Chloe

    […]very handful of web sites that come about to be comprehensive below, from our point of view are undoubtedly nicely really worth checking out[…]

  9. more website traffic commented on Aug 29

    more website traffic

    […]The facts mentioned within the write-up are some of the best available […]

  10. rabbit sex commented on Sep 02

    rabbit sex

    […]although sites we backlink to below are considerably not associated to ours, we really feel they’re truly worth a go through, so have a look[…]

  11. homemade vibrator commented on Sep 02

    homemade vibrator

    […]we came across a cool site that you simply may possibly love. Take a search should you want[…]

  12. best sex toy commented on Sep 05

    best sex toy

    […]Here is a superb Blog You might Uncover Intriguing that we Encourage You[…]

  13. ben wah balls commented on Sep 05

    ben wah balls

    […]always a major fan of linking to bloggers that I enjoy but do not get a good deal of link appreciate from[…]

  14. Diccionario básico Español-Maya commented on Sep 06

    Diccionario básico Español-Maya

    […]below you will uncover the link to some web-sites that we believe you must visit[…]

  15. خرید vpn commented on Sep 06

    vpn ایفون

    right here are some links to internet sites that we website link to given that we think they are value checking out