Marc Dreier On 60 Minutes: Why I Defrauded Investors Out Of $400 MILLION

12/02/2009 05:12 am ET | Updated May 25, 2011

Some men buy sports cars, some men cheat on their wives. But, during his mid-life crisis Marc Dreier decided to defraud investors of $400 million.

In a 60 Minutes segment to air Sunday, Dreier sat down for his first interview after being sentenced to 20 years in prison for an enormous -- if not quite Madoff-ian -- fraud that began in 2004. From 2004 until 2008, Dreier sold $700 million fake promissory notes and stole some $45 million from his client's escrow accounts, according to this new Vanity Fair piece.

Here, he recounts his reasoning to CBS:

"I was very disappointed in my life. I guess some people would say maybe a lot of men reach a so-called midlife crisis. I was 52," he tells Kroft. "I felt that I wanted my life to be more successful than it was and I saw this as the opportunity to do that in a very, obviously, shortsighted, foolish and selfish way. I had never done anything illegal before...but I remember being at a place in my life where I was perhaps desperate to better myself and to make a place for myself," says Dreier.

Not surprisingly, his victims aren't buying it.

WATCH a preview of Sunday's segment:

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Marc Dreier