Court to Marc Dreier: No Bail for You
More bad news for Marc Dreier, the formerly high-flying, Maxim model-dating litigator. From Bloomberg News:
Marc Dreier, the jailed New York law firm founder, must remain in prison while he fights charges that he swindled hedge funds, a federal judge ruled after a prosecutor accused the lawyer of stealing $380 million.“The evidence does appear to show an enormous risk of flight,” U.S. Magistrate Judge Douglas Eaton said at a bail hearing today in Manhattan federal court for Dreier, namesake of the New York law firm Dreier LLP.
Dreier, 58, was arrested on Dec. 7 on U.S. charges that he persuaded two unidentified hedge funds to give him more than $100 million by claiming, falsely, that he was selling at a discount notes issued by New York developer Sheldon Solow. He was arrested after returning to New York from Toronto, where he had been briefly jailed for impersonating a lawyer at the Ontario Teachers Pension Plan.
More links and discussion, after the jump.
Details of Dreier’s rejected bail offer:
[Marc Dreier’s] attorney, Gerald Shargel, asked Eaton to impose a $10 million bond that would be guaranteed by his client’s 19-year-old son and 85-year- old mother. Dreier agreed to electronic monitoring at his home in New York or in Quogue, Long Island, and to be guarded by two armed guards he would pay for, Shargel said.
As previously noted, Dreier isn’t enjoying his time in custody:
Since his arrest, Dreier has been held in isolation in a Manhattan federal prison cell, a situation Shargel called “inhuman.” Shargel said prison officials said they had to check into whether Drier belonged to a gang. The defense lawyer asked the judge to order Dreier transferred into the general prison population.“He doesn’t have a book to read,” Shargel said. “You can lose your mind.”
To quote Paris Hilton, “Mom! Mom! It’s not right.”
Dreier, ‘Enormous Risk of Flight,’ to Be Held in Jail [Bloomberg]
Breaking: Dreier Denied Bail, Labeled a Lawyer “Houdini” [Am Law Daily]
Marc Dreier Denied Bail, to Remain Detained [WSJ Law Blog]




Comments
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First
Another cut and paste job. Congratulations MysTTTal.
This man deserves everytihing he is getting he left his firm high and dry...The associates are all outof jobs....He should be held accountable to all his associates.
So glad I no longer work there. Pheww.
This is Lat, you mouth-breathing knuckledragger.
come on ATL... all this time, and not one single exclusive interview with a dreier associate?
Lat, make them talk!!!!
WSJ Law Blog > Above TTThe Law
yup...better news here.
http://blogs.wsj.com/law/2008/12/11/report-if-the-deal-falls-through-thacher-proffitt-will-likely-go-under/
What would you liek us associates to sya that we are screwed. BNo jobs, no health insurance need you hear anymore
Paulie Walnuts, no bail for you!
Scarpachi Stagnetto
2:28 - See:
http://abovethelaw.com/2008/12/dreier_dissolution_inevitable.php
Who is ROD PAMPERS?
$380M? Weren't we talking about $38M just last week? That's a 900% return over just one week. This man is amazing.
It will be interesting to see how widespread the rot was in the firm. You can't just steal $380M all by yourself, even if you are a superlawyer. Those poor associates are going to have a very, very hard sell in this job market.
The 380 million dollar man
I for one don't see why he could be a flight risk. Free Dreier!
Somebody go get the mugshot. Please.
He better call Denny Crane, and fast!
I give it about 6 months before the xoxotards fully take over this board and ruin what was once a fantastic forum for legal commentary. I've been a loyal reader through the years and I have enjoyed receiving and sharing insights from the comments board. However, now at a ratio of 15 xoxotards per 1 non-trolling comment, this board is a goner.
18 - He IS Denny Crane.
19 = WGWAG?
It's too bad Dreier can't read all this coverage. He would enjoy it. Especially the Houdini part.
19= ttt
19: STFU
*ROFLs*
19: DESCRIBE the last WGWAG you saw.
I bet he gets his $hit pushed in when he enters gen pop.
How does one steal $380 million!? Now that's thuggin!
2's failure to recognize Lat's wit encapsulates this blog's descent to three or so levels below utter trash. Click the Paris Hilton link for a trip back to a magical time when posters and commenters alike could not only spell, but could write coherent, relevant sentences.
Then Lat brought on the Mystttal, and as a result we now have to put up with neanderf-ck commenters like 2.
3:11 - People have been saying that about ATL's comment board for years now, but it keeps on going. If you don't like the comments, don't read them.
I wonder what Dreier associate is giving up the goods...
http://www.worldlawdirect.com/forum/law-news/11571-how-can-lawyers-make-movie-biz-ask-marc-simon.html
http://www.dreierllp.com/index2.php?id=5&members=96
Geeze... times are tough. Don't use the Dreier, before you've run the washer... Californie is the place you ought to be so load up the truck and
have a visit with Marcia Bruggeman Hatch a/k/a/ Marsha Hatch at Gunderson
Dettmer. Certainly, her narcotics trafficking / money laundering client has
enough cash to factor law firm receivables. It’s off balance sheet financing
and apparently the State Bar of California and the feds are "sanctioning" her
practice… so no worries! You’ve got your own bailout plan and you didn’t even
know it! Whoopie!
http://www.evilesq.com
20 -- you're right. Maybe he should call that plump Spader to the rescue. Over & out. 18
19,
sorry about your tiny pink comment section bro!
If 9 is indicative of lawyers at the company, they couldn't put together a proper sentence to save their lives.
Drier is appropriate, as he was apparently laundering close to half-a-billion worth.
34: why would you make that assumption, just b/c the post claims to be from a lawyer there? only a total noob would put any credence in such a claim. the vast majority of all posts here are by trolls.
34-if you were a Dreier associate, right now you would either be very drunk or very stoned. Or on some heavy duty meds. And could you blame him/her? Yikes! And to be unemployed in this economy. Firm blows up in what, a week? If 9 was a Dreier associate, its quite impressive he/she could even find the keyboard at this point!
I am 9 and im not a lawyer at the firm......my statements come from the news articles can't you read?
You NEVER read in jail. Distractions are what get you the cornhole buddy
I wonder how long his Maxim model will be "standing by her man?" Probably not much longer than a New York minute.
40: will his precious Kate stand by her man?
he will be a fudgepacker in 2 days
he will become the newest fudge packer within 2 days
Kate was the first one to run (oh I mean "take vacation"). I find that comical. Here you have a woman who has been a bully and in charge of ALL decisions at the firm for as long as I can remember and then when the house of cards starts falling down she leaves "on vacation" and all the minions are running around confused and dazed. No one could take a bathroom break without her knowledge. Where is she now?
gotta love that dreier employee's still don't know whether they will be paid on Monday or not. do the partner's expect some magical money to immerse? the court has that all on lockdown anyways.
Did someone say magical money?
Dreier employees just found out we will not be paid (just in time for Christmas) but how nice of Marc Dreier's son and mother to be able to put up a $10 million bail if needed. His 19 year old son has never worked a day in his life.
Exactly how many lawyers were working when they were 19? Dumb comment.
Just a real mess. There are a few good lawyers at the firm. I hope they land well and don't get dragged down, especially if they are innocent. What a dumb-ass. Had the world by the short hairs and has to steal from the same people (Ciients) who made him by putting their trust and money in his care. God only knows how deep this deception goes....who is involved and how much is really missing. Of the worst places I would never want to be in this life, being Marc Dreier is the last. He is trapped like a rat in a shoebox. Who said kill all the lawyers? He should have said the bad lawyers. Amen!
47 his son is not an attorney and has never held a job. From what I understand just a spoiled brat having problems getting into good schools. (P.S. I was working from 17 years of age on to help pay for my college). I completely understand 46's comment.
All the good attorneys that worked at dreier won't have trouble finding new homes. As for his kid, I believe that Dreier had to make a large donation to dartmouth to get him in because he, like his father has a grand sense of entitlement and doesn't believe he should work for anything. Kate....168k a year plus bonus.....a secretary? Bail for a guy with a waterfront home? Unless the judge is Stevie Wonder I doubt that a guy with boat access in his backyard should be out on bail. He'll be gone in a minute and no judge wants that one on their record.
i agree with everything 43 said. K was a terrible bully, and she ran the show. She was a terrible influence on Dreier in everyway but no one would stand up to her b/c she was always threatening to fire everyone for minor mistakes and he would do anything she said because she was such a bully. she also had 2 assistants working for her at night on top of her 168 plus bonus salary so do all her sh__ work. at 168 a year i think she could have done a little more filing on her own instead of working out at the gym everyday for 1.5 hours
she had two assistants at night and four assistants during the day for a total of 6 assistants to assist just her -> what was she doing running the country? they finally transferred two of her day assistants to other positions in the company after some sort of riff. one of the day assistants worked full-time on K's wedding. outrageous! i have never heard of anything so outlandish.
she had an assistant working on her wedding? Who did she marry??? What did Dreier give her as a wedding gift???? That would be interesting to know.
For the record not everyone at Dreier kissed Kate or Mr. Dreier's behind. There were some of us that had common sense to know that neither one of them were God. I hadn't barely had my foot in the door when I had my first encounter with Kate. At the time I didn't know who she was nor did I care. She came at me in a certain tone and I went right back at her in the same tone. Guess what I didn't have anymore rude encounters with her. I wish she would have threatened to fire me. I would have marched my behind right over to an attorney's office and filed a wrongful termination suit. The sad part is that half the firm was scared to step up to her because of that fear of losing a job. Which thus gave her so much control. While yes we all need a job but do you really need a job that bad where you allow yourself to be intimidated to such a degree. HELL NO! Go find another. Oh yeah I forgot it was probably those that lacked the qualifications to get a a high paying job that their uncle, aunt, cousin, brother, friend of a friend of a friend got for them. Unbelievable. The sad part is that those that lacked the qualifications for their high paying jobs will find out the hard way exactly what their skills are worth. I can see a recruiters face as we speak looking over one's resume and salary; reviewing the test scores from ProveIt; shaking their heads that the person didn't even know you have to turn the computer on in order to go pass go.
I'm looking for his son, Spencer to get my paycheck. If he can put up the bail for his dad aka FATHER OF THE YEAR 2008 then he can sure as heck give me my 12.15.08 payroll. I'm sure he won't be at Darmouth for the Fall of 2009. Daddy can't make a substantial donation to get him in.
Such a sad state of affairs that one many can ruin the lives of many. To those that lived in fear of Ms. Kate and her entourage you can do a happy dance because they are all going down. They will all be cooling their heels behind bars. It may not be for the lifetime of hell that they put many through but something is better than nothing. Finally the Kingdom has been overthrown.
kinda funny that a kid who never woked could offer to put up 10 million. The judge needs to get an accounting of what this brat lives on and if he has a trust who set it up? The money in there is no doubt ill gotten gain and should be seized. It makes a mockery of our system that this kid is laughing at the DOJ and looking down his nose at them and the rest of us as working class slobs. I hope they nail him too.
what was it that happened to the lawyer in the movie "Seven" ?
56-
I think he earned himself a (reduced-rate) mustache ride.
i like the nytimes picture.
http://www.nytimes.com/2008/12/14/nyregion/14lawyer.html?hp
I wonder if he's smoked his first big cigar in jail yet?
I worked At Dreier:
I did not make close to six figures a year.
I was a member of the support staff.
I have children.
Two weeks before Christmas I am without a job
and health insurance. I hold my breath when my kids are in the yard playing because if one of them falls and is injured, I can't pay for it. I know that many who post here feel a very justifiable contempt for Marc Dreier. He deserves to be in prison for the rest of his life. I am very thankful that I will probably never be within arms length of him. I would not trust myself. All I would ask of everyone is to remember that not all employees of this firm were pampered tarts with possible connections to Mr. Dreiers antics. Many of us worked for our money,shut our mouths and were good employees. I don't feel sorry for myself. Alot of good people are out of work in many fields.I will not let a person like Marc Dreier destroy my life. I can do something he can never do. I'll give an honest days work to the next employer that hires me .
Happy Holidays to All
Did you read the statement that Marc Dreier's closest friend at Dreier LLP, Joel Chernoff, made to the SEC about Dreier's activities? I guess it's true that rats are the first to jump off of a sinking ship.
Hey #60, Joel is definitely not a rat. He was a good guy that everyone liked at the firm and was just as blindsided by this as everyone else. Joel truly ran the litigation department, not Dreier, and he did an excellent job. Since he is considered the #2 man by many, I'm sure he just wants to make sure his name is cleared, and who can blame him. I'd do the same.
59: God Bless You, and best of luck!
Joel? Please. There is no way he would be complicit. A very decent fellow.
Except for the fact that he -- and EVERY "partner" that worked there -- stuck their heads in the sand to hide from the obvious reality that their boss was a crook. Hope you enjoy the memories.. RIP you RAT Mark Dreier. Merry Chirstmas you mother m*%^&er.
And God Bless his innocent former emploees>
I hate to disagree with 61 and 63 but if you are the no. 2 partner at a firm and don't notice that millions of dollars of the escrow funds held by the firm are disappearing, you are either incredibly incompetent or guilty of intentionally betraying your clients. Neither of those qualities speak well of Chernov as an attorney (or even as a human being for that matter}. As far as being a "good guy that everyone liked at the firm" who "did an excellent job running the litigation department"? Sorry, not a chance. Sounds like Chernov's alias is No. 61.
Marc Dreier arrested in Canada for using a false business card
I do not believe the irony or that this is true, this is the law firm who represented me against these two people Fahs, Iskowitz my cpa of 27 years. I filed this in court by my lawyer dryer …I have been victim of ID theft and millions of dollars missing….and I found out Monday 5th of Dec. the partner of the law firm is in jail for false impersonation and for embezzling money from his client. This lawyer is representing me for the same crime that he is charged with. I am a victim in my belief of the same thing that can be viewed in public court documents and or contact me about my story. Part of the story is with Bank of America refused to turn over cancelled check, statements for three years. Under several subpoenas from the court still refuse to give me all of my documents and I am going to the court again in February to ask for my own copies from the bank. Public court documents available at:
http://www.georgesmarciano.com/publicdocuments.html
or you can contact me directly at: o8justiceforall@yahoo.com
I only want the same consideration for justice as any other citizen,
Georges Marciano
when the controller of this firm, John Provenzano already knew that Dreier was in the hole in the firms accounts why did he transfer Dreier's call to the bank and listen as he stole another 10 million? He could have just said no and called the authorities. Nice job on that one......
correction to my previous post:
Attorney Dreyer arrested in Canada
Posted on December 14, 2008 by o8justiceforall
Marc Dreyer arrested in Canada for using a false business card
I do not believe the irony or that this is true, this is the law firm who represented me against these two people Fahs, Iskowitz my cpa of 27 years. I filed this in court by my lawyer dryer …I have been victim of ID theft, including copies of my driver license, my passport, social security card, credit cards and millions of dollars missing incuding art, wine….and I found out Monday 5th of Dec. the partner of the law firm is in jail for false impersonation and for embezzling money from his client. This lawyer is representing me for the same crime that he is charged with. I am a victim in my belief of the same thing that can be viewed in public court documents and or contact me about my story. Part of the story is with Bank of America refused to turn over cancelled check, statements for three years. Under several subpoenas from the court still refuse to give me all of my documents and I am going to the court again in February to ask for my own copies from the bank. Public court documents available at:
http://www.georgesmarciano.com/publicdocuments.html
or you can contact me directly at: o8justiceforall@yahoo.com
I only want the same consideration for justice as any other citizen,
Georges Marciano
66 - John Provenzano is the most innocent victim here and one of the nicest guys - he really had no clue - thought Marc was just rich
Joel is also an innocent victim - left to run the firm and deal with all the crap Dreier left behind. Totally unfair.
No. 69:
Chernov left to run what firm? Pomerantz is the receiver who is winding up operations? Chernov shouldn't be running a laundromat.
I don't think that anyone implied that Provenzano was anything but incompetent.