Marc Dreier Indicted for Fraud
Charges allege $400 million in fraudulent activity.
February 03, 2009 at 07:00 PM
3 minute read
The original version of this story was published on Law.com
The founder and former managing partner of New York law firm Dreier LLP, Marc Dreier, was formally indicted Thursday afternoon on charges stemming from fraud allegations of more than $400 million against clients and investment funds.
The U.S. attorney for the Southern District of New York charged Dreier with conspiracy to commit fraud by embezzling company funds and selling fake notes from a real estate developer and several Canadian pension plan companies. The Justice Department also alleges he impersonated people from the companies to sell the investments in phone calls, using fake e-mail addresses and false financial documents.
According to the indictment, Dreier used his fraud to maintain a “lavish lifestyle,” which included purchasing several homes, boats, cars and artwork.
The official charges include conspiracy to commit securities and wire fraud, securities fraud and wire fraud. Maximum prison sentences for each charge range from five to 20 years and could include fines of $250,000 each.
Dreier has been in jail in New York since his Dec. 7 arrest.
The founder and former managing partner of
The U.S. attorney for the Southern District of
According to the indictment,
The official charges include conspiracy to commit securities and wire fraud, securities fraud and wire fraud. Maximum prison sentences for each charge range from five to 20 years and could include fines of $250,000 each.
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