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'Jacob The Jeweler' Files $12M Suit Against Jailed Adviser

Law360, New York (June 25, 2012, 2:24 PM EDT) -- New York's "Jacob the Jeweler" and his wife filed an $11.9 million complaint Friday against imprisoned money manager to the stars Kenneth Ira Starr, claiming the fraudster bilked them out of the money after recommending that they enter a range of investments in 2008.

In an adversary proceeding filed in New York bankruptcy court, Jacob Arabov, nicknamed "Jacob the Jeweler," and his wife Angela alleged that Starr cheated them of the money by misrepresenting the risks of the investments and failing to share details about conflicts of interest.

The Arabovs seek a declaratory judgment affirming that the money Starr owes them...

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