Dreier Update: On Bail, Real Estate, and a Canceled Summer Program
We bring you assorted addenda to our earlier coverage of Marc Dreier — founder and managing partner of Dreier LLP, as well as the firm’s sole equity partner — who was arrested on Tuesday night in Toronto.
First, Dreier is now free on bail. From the Toronto Star (which a tipster tells us is our “best bet” for Dreier coverage in Canada, “as it is the equivalent of the New York Post”):
A prominent New York lawyer walked out of a Toronto court today after posting $100,000 cash bail. Marc Dreier, 58, has been charged with personation with intent. He was represented at today’s bail hearing by lawyer Edward Greenspan.Greenspan said he was “pleased” his client was released on bail, but that it wasn’t unexpected. “He was charged with a minor offence under Canadian law,” Greenspan said. “The only allegation is that he impersonated another lawyer.”
An ATL source provides context:
Mr. Dreier is apparently out on bail ($100,000 Canadian, or $77,330.93 U.S.). He’s also retained Eddie Greenspan, Canada’s answer to Johnnie Cochran. Mr. Greenspan represented Lord Conrad Black in Chicago and a number of other high-profile cases in Canada. He’s the go to guy if you’re rich, in trouble, and in Canada.
More information and links — about the allegations against Marc Dreier, his extensive real estate holdings, and the demise of Dreier’s summer program — after the jump.
Still from the Star:
[The lawyer Dreier is accused of impersonating] is Ontario Teachers’ Pension Plan counsel Michael Padfield, according to court documents. Padfield declined to comment when contacted by phone at his Toronto office.Greenspan said his client is holding up despite spending several days in jail - and not being permitted to make a collect call to his firm or family friends in the United States.
If Martha Stewart and Paris Hilton can put up with prison, surely Marc Dreier can endure a few days in jail sans phone access. In fact, a few days without phone and email access might be paradise to a busy law firm partner.
Alas, it seems that jail didn’t agree with Mr. Dreier. The Toronto Post reports that Dreier was “disheveled-looking” at his bail hearing. “Mr. Dreier looked unkempt and unshaven during his appearance, and his voice sounded hoarse.”
(Want proof? See the photo at right.)
In our original post, we mentioned that Fortress Investment Group might have been involved. From the Star:
[A] statement released by the Fortress Credit Corp., a private equity and hedge funds company based in New York with offices in Toronto, shed further light on the incident.“While visiting (the OTPP) offices on Tuesday afternooon a Fortress employee observed suspicious behaviour by an individual and immediately alerted (OTPP) staff,” said company spokesperson Lilly Donohue.
“We continue to co-operate with law enforcement authorities in the investigation.”
According to Am Law Daily, Fortress Credit is a subsidiary of Fortress Investment Group.
We also previously discussed Dreier’s fabulous real estate holdings. Max Abelson of the New York Observer sheds more light on the subject:
“Marc Dreier lives well,” writes the legal blog Above the Law, which broke the story, “with a fabulous Manhattan apartment rumored to rent for $50,000 a month, plus a place out in the Hamptons.”Interestingly, city records show that, in August 2007, Mr. Dreier paid $5.425 million for a condo at the celeb-infested One Beacon Court, through a limited liability corporation. But those records also show that the IRS placed a $157,793.18 federal lien against Mr. Drier back in 2001, when his address was listed at The Sovereign on East 58th Street. He was released from the lien two and a half years later.
Finally, in light of the foregoing, this last bit of bad news should come as no surprise. Dreier recruiting personnel have been calling summer associates to inform them that in the event the firm does not dissolve — dissolution is a very real possibility, now that partner defections have begun — Dreier LLP will not be having a summer associate class.
One affected law student asks: “How screwed am I? On second thought, maybe I’d rather not know.”
Arrest of Dreier LLP Founder Clouds Firm’s Future [Am Law Daily]
Details Emerge in Marc Dreier Saga, But Much Remains Unclear [WSJ Law Blog]
Arrested! More Troubles For Power Lawyer Marc S. Dreier [New York Observer]
NYC lawyer wins bail in Toronto on personation charges [National Post - Toronto]
N.Y. lawyer accused of impersonating Toronto lawyer [Toronto Star]
New York lawyer awaits bail decision [Toronto Globe and Mail]
Earlier: Going Through the Dreier: An Update
Founding Partner, Left Higher and Dreier? Blame Canada
(55) 
Comments
Ice cream
WHOA IS ME!
Charged with "personation?"
Fourth!
Canceled summer program is least of their problems.
sixth!
Oh my! I feel bad for those summer associates! How awful!
why would you be a partner at a firm that would never allow you to earn an equity stake?
why would you be a partner at a firm that would never allow you to earn an equity stake?
I agree with 7. There are some things you can anticipate when you sign on at a firm, and this isn't one of them. Any lawyer that loses his job at least has some experience and contacts. The law students now revert back into the hungry masses of people with no relevant experience, no clue and lotso debt.
I guess he forgot he is Marc Dreier (or Denny Crane).
yes, 'personation.'
http://www.canlii.org/ca/sta/c-46/sec403%2Ehtml
Poor law students. I really feel bad for them.
7 = clearly a woman.
14 = clearly a douche bag.
Holy Shoshana!!!!!
http://www.dreierllp.com/index2.php?id=5&members=157
No word on the empty deposit accounts?
FYI : just received instructions that no boxes, documents or other materials are to be removed - as per "GOVERNMENTAL AUTHORITIES."
Curious what this means for the people with the "title" of partner - even though they are not equity, can they still be on the hook for the "allegedly" empty trust accounts?
No Non-Sequiturs today?
16: went to school with Shoshana. In person, she's still only law-hot, so keep it in your pants.
Yeshiva and Cardozo for Shoshana... so yeah, temper those dreams
lawyers=TTT
lawyers=TTT
it seems that people are boo hoo hooing for the attorneys. what about the the support staff. especially those who have children and family that depend on them. what about them?
So, what happened to the associates at Dreier LLP today? Were people told to go home, not come in on Monday?
Is Marc Dreier expected to be in the office on Monday? Will he need bodyguards?
sorry about your tiny pink summer program, bro.
Hey, what happened to that liar R A? - she was listed on the Dreier website one hour ago and now she's gone!
I have no sympathy for the ttts who were accepted summer positions at Dreier. It's simple: next time don't be so ttt.
-CLS 2L Stud
http://www.dreierllp.com/index2.php?id=5&members=152
I agree with 10. They may have passed up other opportunities in reliance and by now all the jobs are filled.
Get that man a comb!
http://www.nytimes.com/2008/12/06/nyregion/06lawyer.html?ref=nyregion
Vincent Hull = TTT douchbag
Andrea Novosedlikova > than law hot. Sizzle.
There needs to be strict oversight with attorneys. Day after day we read about unethical and criminal acts by members of the bar.
In PALM BEACH COUNTY, FLORIDA we have certain attorneys that comit perjury under OATH in open court, in the FAMILY COURT. 15th Judicial Circuit..
Read the transcripts in the KASMAN case you will be shocked to see the wifes atty CAROL KARTAGENER committing perjury on the record... NUMEROUS times... And misrepresenting in pleadings and motions....
What is going on in PALM BEACH COUNTY --- CORRUPTION, CORRUPTION, CRONTISM, CASE FIXING BY JUDGE MARTIN COLIN....
I thought Gov. Crist was to clean up the courts in PALM BEACH COUNTY - Is that what campaigned about????
More info about his unbelievably stupid impersonation scheme in the Globe and Mail
http://www.theglobeandmail.com/servlet/story/RTGAM.20081206.wdreier06/BNStory/National/home?cid=al_gam_mostview
The scheme is Scooby Doo-esque in its level of planning and sophistication.
1. Gain entry to the pension plan's office.
2. Pose as pension plan counsel to fool hedge fund.
3. ????
4. $50,000,000 Profit!
I wonder what his ruse was for being there. Was it like George Costanza's trip to Fireston in Akron to propose a snow tire day in Yankee Stadium?
Hi ATL!
Great story--but to correct the record, The Star is *not* the equivalent of the NY Post--The Star is a broadsheet, not a tabloid; if anything, it's kind of like the the NY Observer...
The true equivalent to the NY Post in Toronto is the Toronto Sun--it's a loudmouth, right wing (although less so than previously), if-it-bleeds-it-leads tabloid, complete with a fit-for-AutoAdmit sunshine girl on p. 3.
I just wanted to set the record straight, as it's not too often my hometown pops up on ATL!
--Canadian YLS Grad in NYC
Does Canada have an extradition treaty with the US?
If not, I would say a big fat F.U. to Canada and never go back.
38, please provide links to previous sunshine girls.
Yo 39 - his "personation" charges in Canada are nothing compared with the mountain of crap coming his way now that the client trust accounts are empty.
Yo 39 - his "personation" charges in Canada are nothing compared with the mountain of crap coming his way now that the client trust accounts are empty.
He never should have left Canada. We acutually have a criminal law system based on "reasonable doubt", not "deemed guilty by the justice department " like the US.
He could have also claimed refugee status from an oppressive regime that uses torture, and waited for his hearing in 2018, and then appealed until 2035. All the time enjoying free medical care and free legal aid.
In Canada he does zero time, in the US he will come out in a box.
lawgod
He never should have left Canada. We acutually have a criminal law system based on "reasonable doubt", not "deemed guilty by the justice department " like the US.
He could have also claimed refugee status from an oppressive regime that uses torture, and waited for his hearing in 2018, and then appealed until 2035. All the time enjoying free medical care and free legal aid.
In Canada he does zero time, in the US he will come out in a box.
lawgod
He never should have left Canada. We acutually have a criminal law system based on "reasonable doubt", not "deemed guilty by the justice department " like the US.
He could have also claimed refugee status from an oppressive regime that uses torture, and waited for his hearing in 2018, and then appealed until 2035. All the time enjoying free medical care and free legal aid.
In Canada he does zero time, in the US he will come out in a box.
lawgod
He never should have left Canada. We acutually have a criminal law system based on "reasonable doubt", not "deemed guilty by the justice department " like the US.
He could have also claimed refugee status from an oppressive regime that uses torture, and waited for his hearing in 2018, and then appealed until 2035. All the time enjoying free medical care and free legal aid.
In Canada he does zero time, in the US he will come out in a box.
lawgod
He never should have left Canada. We acutually have a criminal law system based on "reasonable doubt", not "deemed guilty by the justice department " like the US.
He could have also claimed refugee status from an oppressive regime that uses torture, and waited for his hearing in 2018, and then appealed until 2035. All the time enjoying free medical care and free legal aid.
In Canada he does zero time, in the US he will come out in a box.
lawgod
He never should have left Canada. We acutually have a criminal law system based on "reasonable doubt", not "deemed guilty by the justice department " like the US.
He could have also claimed refugee status from an oppressive regime that uses torture, and waited for his hearing in 2018, and then appealed until 2035. All the time enjoying free medical care and free legal aid.
In Canada he does zero time, in the US he will come out in a box.
lawgod
Lawgod:
you are no "postgod"
Can everyone just stop hitting the "post comment" button more than once!!! No wonder Dreier is going down faser than the Titanic!!!
lawgod did a
oh oh
34 just got screwed on his divorce.
What do ttt and cls stand for?
43-48: We bow down and worship your superior Canadian society. We are not worthy.
54th!
Shoshana and Andrea were hot, but check out Mally http://www.dreierllp.com/index2.php?id=5&members=21 and Ruth http://www.dreierllp.com/index2.php?id=5&members=36. But the hottest of all is two Samanthas http://www.dreierllp.com/index2.php?id=5&members=36 and http://www.dreierllp.com/index2.php?id=5&members=158. It would be hard to concentrate in the transactional group.