FindLaw: Marc Dreier, Founder and Managing Partner of N.Y. Law Firm Dreier, LLP,Charged with Securities and Wire Fraud

 

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U.S. v. Marc S. Dreier

Marc Dreier, N.Y. Law Firm Founder,
Managing Partner Charged with
Securities and Wire Fraud

December 4, 2008

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Lawyers
  • Marc Dreier
  • Gerald Shargel, Dreier’s Defense Lawyer
  • U.S. Attorney’s Office
  • Criminal Defense Lawyers

  • Related Links:
  • Dreier, LLP
  • S.E.C. v. Marc Dreier
  • White Collar Crime: Learn About It

  • Marc Dreier, the founder and managing partner of a New York City law firm with offices around the country, was charged with securities and wire fraud by federal prosecuters and the U.S. Securities and Exchange Commission. The 58-year-old lawyer is accused of criminal securities fraud and wire fraud, as well as civil violations under federal securities law. The criminal charges allege that he scamming approximately $100 million from hedge funds by falsely claiming that he represented a real estate developer "offering to sell notes…at a substantial discount."

    The S.E.C. charges that "[s]ince at least October 2008, Dreier has been offering the bogus securities of unwitting legtimate issuers to hedge funds." The agency seeks to recover money on behalf of investors that Dreier is accused of getting through illegal conduct, impose financial penalties against hime, and other legal relief.

    In a recorded conversation with a cooperating witness from an accounting firm whose offices Dreier is accused of "gaining unauthorized entry into" as part of the alleged fraud, Dreier allegedly admitted that he know the financial statements he provided to one hedge fund were false, "that the letter purporting to be from the Accounting Firm was also fabricated, and that [Dreier] participated in the fabrication of those documents."

    Dreier was arrested by Canadian police in Toronto, Ontario on December 2, 2008 for allegedly trying to "impersonat[e] an employee of a Canadian entity in connection with the sale to Hedge Fund #3 of notes…which totaled approximately $44.7 million."

     

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