Going Through the Dreier: An Update
More details have emerged in the story we broke last night, concerning the arrest of high-flying New York litigator Marc Dreier, founder and managing partner of Dreier LLP.
In the comments to our post, some of you wondered about the lack of MSM coverage. The story has now been picked up by the New York Post, the New York Times’s City Room blog, and the WSJ Law Blog (all of whom mention ATL — thanks for the shout-outs).
From the NYP story:
The founder of a high-profile Manhattan law firm - and close friend of retired Giant Michael Strahan - has been arrested in Canada on charges of criminal impersonation, The Post has learned.
The powerful white-shoe lawyer, Marc Dreier, 58, was arrested on Wednesday and is cooling his heels in a grimy jail cell just west of Toronto.
We had also heard the impersonation allegation, but held off on mentioning it until we had more details. One source tells ATL that the alleged impersonation stemmed from Marc Dreier’s attempt to secure a loan. When credit markets get tough, the tough get… new identities?
The Post also reports that Dreier was arrested on Wednesday; we reported the arrest took place Tuesday. According to City Room, the arrest took place late on Tuesday night (11:25 PM).
More from the Post:
“He is in provincial custody in Maplehurst Correctional Complex,” said an employee at the Ontario pokey. His bust stems from his alleged role in a multimillion fraud case, a source told The Post.A detective for the Toronto Police Department confirmed Dreier’s arrest but said he couldn’t provide specific details about the nature of the criminal impersonation charges because the investigation was still ongoing.
Additional details, from news accounts and from ATL sources, after the jump.
We reported that the firm’s holiday party was canceled. The Post confirms this:
Brass at the 250-lawyer firm, Dreier LLP, booked the hotel’s pricey Starlight roof for their Yuletide Celebration, but a Post reporter found the hall on the 18th floor completely empty last night, with chairs stacked against the wall.Over the years, Dreier - who set up The Michael Strahan Foundation to help disadvantaged kids - has been hit with hundreds of thousands of dollars in judgments and tax liens.
They include a $622,000 IRS judgment on an East 58th Street apartment that he owned, and a $98,000 federal tax lien on a Southampton property, according to public records.
Speaking of Marc Dreier’s property, we mentioned that he has “a fabulous Manhattan apartment rumored to rent for $50,000 a month.” A source tells us that Dreier owns this apartment (which would rent for $50,000), as well as at least five other homes, including places in Santa Monica and the Hamptons. We also hear that Marc Dreier is the owner, in part or in full, of a yacht and a plane.
As for what’s next in his case, a bail hearing is taking place this morning in Canada, after which Marc Dreier is expected to be released.
Meanwhile, trouble may be brewing for Marc Dreier back in the United States. As we mentioned yesterday (see the 1:40 AM update), significant sums are missing from firm escrow accounts. We initially mentioned $38 million; another source suggests the number may be lower, but is at least $20 million.
The Dreier partners (excluding Marc Dreier obviously) have retained criminal and civil counsel to investigate these matters. They have also alerted the U.S. Attorney’s Office of possible offenses related to the escrow fund shortfalls.
Stay tuned.
Update (10:20 AM): From City Room, here’s a statement just issued by Debra Hanna, a spokeswoman for the Ontario Teachers Pension Plan:
On Tuesday afternoon, we learned of fraudulent behavior by an individual visiting our premises. We immediately alerted the police. An individual was arrested by the police and has been charged.No Teachers Pension fund staff member was involved in the fraudulent behavior.
We’ve reviewed our security procedures in relation to this situation and we believe that no Teachers Pension funds are involved.
STAR LAWYER IN FRAUD BUST [New York Post]
Morning Law-Firm Roundup: More Layoffs and an Arrest in Canada [WSJ Law Blog]
New York Lawyer Is Arrested in Toronto [City Room / NYT]
Earlier: Founding Partner, Left Higher and Dreier? Blame Canada
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Comments
yawn
If embezzling money keeps them from having to do stealth layoffs and lets them give good bonuses, I say go for it
Let he who doesn't go to Canada to get loans using an alias cast the first stone.
Damn, Canadians are almost as scary looking as those god damn Mormons. Sheesh.
2 NAILED IT!!!!!!
- 2
Debevoise to announce Skadden bonuses shortly.
Dear Debevoise employees:
If you haven't already heard, here are the bonuses that Skadden gave out. We are proud to announce them. Aren't they lovely?
Sincerely,
Debevoise Managing Partners
PS: The Debevoise bonuses are attached.
When all else fails, head to Money Mart.
That dude looks like a Hollywood actor dressed up to PLAY a lawyer in a movie.
Did the impersonation stem from an attempt by Dreir to secure a loan?
He probably just wanted the money so his firm could match skadden. He's so sweet.
Silly Mormons, tricks are for kids.
He is not a very attractive man.
And now the Times
http://cityroom.blogs.nytimes.com/2008/12/05/new-york-lawyer-is-arrested-in-toronto/
Do all Canadians look like that? Is it true that their women look just like the men? What is a Saskatchewan?
Whoa is me!
~Typical white person
#3, that's the first funny comment I've ever readon this site. Thanks.
someone HAS to have bonus news!
Figures. He went to Harvard Law School.
This would never have happened to someone who graduated from a T3 or T4 school. More ethical, less sense of entitlement.
#4 Nailed IT, clubbing baby seals style.
Flim FLOM
#2, you rule.
19, does that apply to HLS graduate Barack Obama too?
This is really a crazy story. Could this be the onset of another firm implosion?
#2 -- statistically, only 3% of men are flexible enough to suck their own dick. How does it feel to be in that category?
(that being said, your original comment was pretty solid)
The Glass Cock here to remind everyone that when it comes to substance on this site, Lat pushes aside Elie's fat donut munching lardass, screaming "the race card posts can wait, we have real news!"
This one still cracks up my glassy cock
http://eliemystttalspeaks.ytmnd.com/
The movie Canadian Bacon is funny. I think Mystal jerks off to it though so that makes it a little less funny.
#2's answer: It feels MMPHPPPHHH ahhhhh....
MOORECLOPS knew this would happen.
Mooreclops, Esq
"When credit markets get tough, the tough get... new identities?"
Ha ha, good stuff. Mystal gets way more criticism than he deserves, but this is trademark Lat quality.
the glass cock comes through with a great link!
hey Glass Cock, where would someone like me get a larger version of your picture? it looks like something i should have on my desktop
How about some coverage of Michigan's new medical marijuana law ?
Now if you don't mind, I need to take care of my glaucoma, if you know what I mean.
I just GULCed all over my secretary's desk and told her it was another associate's GULC. Now she is chewing said associate out for the grievous GULCing.
i'm no mystal hater, but i must admit that it's refreshing to have actual news on atl again (and typo free to boot). thanks, lat.
#22: Time will tell...
31-
Here you go:
http://www.captionmachine.com/photos/54.jpg
Anyone have a copy of the complaint? If so, please post.
Glass Cock -
thank you.
- 31
Marc Dreir has never declared bankruptcy. When Marc Dreir gets in trouble, he transfers his debt to...William Charles Scheider.
Anonymous GULCing is never recommended.
UVA2L
Cool it with the jokes about Canadians...
Dreier is first, Bush comes next...
Marc Dreier looks to me like he could play a Quartermain on General Hospital.
The first Canadian I see today will be the proud recipient of my piping hot GULC.
Jimmy SupaFly Snooka says Canadians all talk English funny.
The comments on this website are absolutely juvenile and disgusting. It's a good thing modern technology makes them completely traceable.
The comments on this website are absolutely juvenile and disgusting. It's a good thing modern technology makes them completely traceable.
Tisk tisk tisk. Dreier should know better than to try to commit a fraud in a civilized country. Only here in America can licensed criminals (read lawyers) get by with that.
Dreier needs the Canadian equivalent of Miles Ehrlich... a Former Federal Prosecutor who sold out a victim to protect Marcia Hatch's money laundering franchise at Heller Ehrman.
If there are any law firms out there who need loans, they should get in touch with Ms. Bruggeman Hatch at Gunderson Detmer. I'm sure her narcotics trafficking client will oblige.
For more see: http://www.hellervermin.com
The comments on this website are absolutely juvenile and disgusting. It's a good thing modern technology makes them completely traceable.
http://www.theglobeandmail.com/servlet/story/RTGAM.20081205.wdreierbail1205/BNStory/National/home
It's a good thing modern technology lets you double-post the same dumbass comment twice in a row...
Marc Dreier clearly represents the Lollipop Guild.
http://www.thestar.com/news/gta/article/549076
Wow, Mystal... your first big scoop! Some actual substance on this site. Getting all news-reporting and informative on us, eh?
Oh, snap. It's just Lat being Lat.
Still waiting on MysTTTal to turn the corner...
To the clown posting "good thing they are traceable"--my guess is you are either management, one of his assistants or one of the relatives working there who is about to see their bloated and undeserved huge salary disappear down a Canadian outhouse. Good luck living on the $405 per week unemployment you are about to get. Your done and have zero chance of ever finding work like that again, if you can fund ANYTHING in thus ghastly market. Trace all you want. We didn't commit the crime so we can laugh all we want. ha ha ha ha ga!!!
P.S. -- #48 (multiple poster) -- you may want to watch your threats which the police would gladly trace vs. ours which are for fun and completely legal.
what, are you saying they're not disgusting and completely juvenile? Cuz if so, I want a refund!
Multiple poster is right . . . what a bunch of immature jerks.
Its a blog comment sight you morons, of course they are juvenile. Its called a public lashing. your beloved Dreier is the immature jerk as you sourpusses who are probably the ones losing the most with this greedy slime. If you can't handle it then go cry to your hero. Otherwise, go cry me a river.
Its a blog comment sight you morons, of course they are juvenile. Its called a public lashing. your beloved Dreier is the immature jerk as you sourpusses who are probably the ones losing the most with this greedy slime. If you can't handle it then go cry to your hero. Otherwise, go cry me a river.
1. for the record marc dreier is not canadien
2. he has not been proven guilty
3. i doubt that he has even commited this crime
i used to work at dreier and i remember dreier as a good hearted and a great boss.
i m truly sorry he is in this mess as he used to be a good guy
if these things are traceable so what? its a blog and i don't think they are traceable anyway