Marc Dreier: "Houdini Of Impersonation," May Have Stolen $380 Million

The case of high-powered Manhattan lawyer Marc Dreier keeps getting more complicated -- for him, for authorities and for people at his firm:

Dreier LLP partner Joel Chernov says in court papers that many lawyers have left the firm, rent is overdue and BlackBerry service is being terminated. He says $27 million appears to be missing from escrow accounts.

The amount that Dreier is suspected of stealing has been rising, too:

Marc Dreier, the founder of the New York law firm Dreier LLP in jail over criminal charges, is a "Houdini of impersonation" who cheated hedge funds and investors out of $380 million, a U.S. prosecutor said today.

"He is the Houdini of impersonation and false documents," Assistant U.S. Attorney Jonathan Streeter said at a hearing over Dreier's $10 million bail request today in New York. The victims of the fraud, which has gone on since 2006, are "very sophisticated investors."

Prosecutors want Dreier, 58, held in jail. They have said the lawyer, a graduate of Harvard Law School and Yale College, convinced two unidentified hedge funds to give him more than $100 million by claiming, falsely, that he was selling at a discount notes issued by New York developer Sheldon Solow. Dreier hasn't responded to the charges.

Comments

[gibbagibbahey]

Merry Christmas to all the little guys at Dreier llp! I had no idea they have such good LSD in the Hamptons.
I wonder what Mr.Dreier is having for breakfast this morning? I bet its yummy!

[zenaby56]

Another one who needs to be held accountable in a meaningful way. This person is filled with greed and in the process, destroying lives. Not just companies!!! No bail for him! A person with no conscience, now morals and that kind of money will surely flee.

time for a new standard of accountability in this country. Rich people should not be allowed to buy their way out of their troubles. They need to have serious consequences for their serious crimes!!!!!

[tommytoons]

When are we the common man going to say "enough is enough"? Revolt is coming to these Wall Street types and it ain't going to be pretty!!!

[Fight4Freedom2008]

Prominent Trader Accused of Defrauding Clients , Next!

http://www.nytimes.com/2008/12/12/business/12scheme.html?_r=1&partner=rss&emc=rss

[Luca]

And a Republican. Surprise!!

[LeftLeanWing]

He gave $2300 to Bill RIchardson's Presidential Campaign.

[Stilts9]

Another Harvard grad.

[Arguman]

MONEYMONEYMONEY

[HC4BO]

Pat Buchanan ?

[jdmba]

When is his movie coming out?

[atila]

that's why the Country is in the middle of this mess,greed is always the cause...

[curiousasheck]

wadenelson1 . . to own a a play toy like the Gulfstream G500 Jet you need to fork out $36 million. The G550 $59.9 million.

[tryharder2think]

Apparently these investors weren't that sophisticated...

[wadenelson1]

Damn I would have quit around $30M and headed to some tropic island for the rest of my life, burned my passport, and spent the rest of my days drinking frozen drinks, surfing, sailing, and the rest.

What can you possibly enjoy in life with $400M you can't get with $30?

[Revolt916]

It 's called greed mate! I bet some fo those people who worked on Wall Street at the time the subprime hit took their loot and are now spenting their rest of my days drinking frozen drinks, surfing, sailing.

[radiojunkie]

John McCain's run for president, for one. These are not your father's millionaires.