New York – Marc Dreier, the New York law firm- founder, was sentenced to 20 years in prison for defrauding hedge funds of more than $400 million and stealing money from his clients.
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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.
Dreier was arrested in Toronto on Dec. 2 and charged with impersonating a lawyer with the Ontario Teachers’ Pension Plan. He pleaded guilty on May 11 to charges of money laundering, conspiracy, securities fraud and wire fraud.
Especialy now with Madoff in prison and cooperating with the federal government we will be seeing many more serious scandals unearthed very often.
I guess his name should be Marc “Fafdreier”
Now we know where he got his last name from
yene drier
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.
And from now on he will Derei his self in prison.
I hope he gets psychological help while he is in prison.