Marc Dreier, Lawyer, Pleads Guilty To Defrauding Hedge Funds Of More Than $400 Million

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NEW YORK (AP) -- A prominent Manhattan lawyer pleaded guilty Monday to using impersonations and fake documents to defraud hedge funds out of more than $400 million, a crime a judge said "disgraced the honorable profession of law."

Over the objection of prosecutors, U.S. District Judge Jed S. Rakoff permitted Marc Dreier to remain free on bail until his July 13 sentencing even though he faces a lengthy prison term by any measure.

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