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New York - Marc Dreier Sentenced to 20 Years in $400 Million Fraud |
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Jul 13, 2009 at 06:00 PM
News Source: Bloomberg News
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Marc Dreier
U.S. District Judge Jed Rakoff in Manhattan today sentenced Dreier, 59, to a term far shorter than the 145 years sought by prosecutors. Dreier’s lawyers asked for a sentence of as few as 10 years. Dreier was also ordered to pay $387.7 million in restitution.
Investors who placed more than $740 million with Dreier lost at least $400 million, prosecutors said. Dreier, founder of law firm Dreier LLP, sold more than 85 phony promissory notes to at least 13 hedge funds and three individuals from 2004 to 2008, they said. Dreier admitted that he lied to his investors when he said the fake notes were issued by New York developer Sheldon Solow, a client of his firm.
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Read Comments (12) — Post Yours »
1
Jul 13, 2009 at 06:23 PM Investor Says:
Especialy now with Madoff in prison and cooperating with the federal government we will be seeing many more serious scandals unearthed very often.
2
Jul 13, 2009 at 07:18 PM SA Says:
Now we know where he got his last name from
3
Jul 13, 2009 at 07:11 PM Anonymous Says:
I guess his name should be Marc "Fafdreier"
4
Jul 13, 2009 at 08:30 PM Eli Says:
“ Especialy now with Madoff in prison and cooperating with the federal government we will be seeing many more serious scandals unearthed very often. ”
But this has nothing to do with Madoff, and actually this story first broke around the time Bernie's did.
5
Jul 13, 2009 at 08:20 PM Anonymous Says:
“ Especialy now with Madoff in prison and cooperating with the federal government we will be seeing many more serious scandals unearthed very often. ”
It's a medrash that b4 Moshiach will come the world will be unveilled with many ganovim, times will be rough especially for the frum.
6
Jul 13, 2009 at 09:26 PM Please enlighten Says:
“ It's a medrash that b4 Moshiach will come the world will be unveilled with many ganovim, times will be rough especially for the frum. ”
Where's the midrash?
7
Jul 13, 2009 at 10:06 PM Anonymous Says:
“ Where's the midrash? ”
Its a medrash pleah
8
Jul 13, 2009 at 10:19 PM Anonymous Says:
“ Where's the midrash? ”
It's in Tana Dbey Eliuey Zita.
9
Jul 13, 2009 at 10:14 PM Anonymous Says:
yene drier
10
Jul 14, 2009 at 07:07 AM ShatzMatz Says:
This guy was a much bigger ganev than Madoff. He built up a gigantic prestigious law firm that was a complete sham. There are now 200 of the top law graduates who used to work for him that their careers are ruined. He was so brazen, he conducted the scam from the offices of his clients. He even stole $10 million by phone while in jail in toronto. this guy is lucky that the Madoff affair broke right at the time he was arrested. Otherwise he would have been national headline news anf gotten a longer sentence.
11
Jul 14, 2009 at 07:46 AM Anonymous Says:
And from now on he will Derei his self in prison.
12
Jul 14, 2009 at 06:15 PM Anonymous Says:
I hope he gets psychological help while he is in prison.