BUSINESS
01/09/2009 05:12 am ET Updated May 25, 2011

Marc Dreier Used Financial Crisis To Trick Hedge Funds Out Of $100 Million

A prominent New York lawyer has been charged in a $100 million (£75 million) hedge fund fraud scheme in which he allegedly tricked his way into businesses so he could hold meetings in their boardrooms.

Marc Dreier, 58, whose clients have included the rock star Jon Bon Jovi, took advantage of the financial crisis by selling fake debt to hedge fund managers looking for investment opportunities, say prosecutors.

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