Marc Dreier: The $700 Million Man?
“I invested with Bernie Madoff. I knew Bernie Madoff. Bernie Madoff robbed me blind. Marc Dreier, you’re no Bernie Madoff.”
But Dreier is getting a little closer to attaining the Master’s stature, if government allegations are accurate. From the WSJ Law Blog:
New York lawyer Marc Dreier allegedly defrauded investors out of approximately $700 million, a far higher figure than previously had surfaced in the criminal case, according to an amended indictment unveiled Tuesday.The attorney was indicted in January on conspiracy and fraud charges for allegedlly selling fictitious promissory notes to hedge funds.
Previously, prosecutors had claimed Dreier sold almost $400 million in fictitious notes. Now, according to the latest indictment, the attorney stands accused of peddl[ing] almost $700 million in notes to 13 different hedge funds and three individuals, whose names were not identified in the filing.
Good for Dreier. Why should guys like Madoff and Robert Allen Stanford have all the fun? A haul of $750 million begins to approach respectability among Wall Street fraudsters.
With New Indictment, Government Cranks up the Heat on Marc Dreier [WSJ Law Blog]
Earlier: Prior ATL coverage of Marc Dreier
(28) Comments
Comments
Comments hidden for your protection. Show them anyway!
FIRST. The guy just looks evil.
I agree that he looks evil.....
"Would you by securities from this man?"
Where do I sign up to be a Wall Street fraudster? I want my cut.
Madoff stole more money than Dreier, sure - but maybe not as much as everyone thinks. The $50 billion may be exaggerated:
http://dealbook.blogs.nytimes.com/2009/03/06/is-madoffs-50-billion-figure-also-fictitious/
He looks like Denny Crane.
Have all or most of the Dreier LLP employees found new homes?
Dreier is getting a bum rap. It's unfortunate that these tough economic times are prompting so much prejudice against succesful attorneys.
wha???? no typos? a coherent, well-structured post?
oh.......
hi lat. sup?
wha???? no typos? a coherent, well-structured post?
oh.......
hi lat. sup?
I'd rather have worked for this guy than Latham
I'm still waiting for my cut of Dreier's surplus of Maxim models.
At #6....What planet are you living on? Have you not been reading blogs about firms laying off left and right. Apparently not!
enjoy life in jail, prick.
Why you doggin Denny Crane? Besides, if he sold the bad paper he would just blame it on the "mad cow".
12 - Some of the IP lawyers from Dreier are starting their own firm:
http://amlawdaily.typepad.com/amlawdaily/2008/12/the-latest-on-m.html
6 and 12, some of us have found new homes. For example, some of us (like me) started our own firm with out own little group. Unfortunately, as is often the case, the support staff took the worst hit. We all tried to hire as many as we could, but in reality, there is no need for a mail clerk or a photocopier in a small, 5 or 10 attorney shop.
16 here. Second line, change out to our.
At 16...No duh at people finding new homes. I happen to be one of them. The question was have all or most found new homes???? Hello. There are still a great deal of employees not just staff members attorneys inclusive as well that are still trying to secure employment. As stated with firms laying off every 1/2 hour I again state what kind of question is that????????
18-remind me not to hire you. 16
6 & 12--For attorneys at Dreier's LA offices, I know only of couple who did not find home. All others have landed safely at various national and strong regional firms. Unfortunately, administrative staff members (other than legal secretaries) did not fare well at all.
19...you will never know now will you.
21, 19 here-that's true. In fact, you might be my neighbor here at the new place...
But 20 is right. Support staff got killed because of that bastard Dreier. And did you hear one of the former partners out in LA had a heart accack and died over it? The guy was only in his 50s.
21, 19 here-that's true. In fact, you might be my neighbor here at the new place...
But 20 is right. Support staff got killed because of that bastard Dreier. And did you hear one of the former partners out in LA had a heart attack and died over it? The guy was only in his 50s.
That was my point from the start. This experience has been traumatizing to us all. No matter if you were an attorney or staff member. The question was very insensitive given the way the market is and thus how Dreier's greed affected us. Yes, I did hear about PA's death. I can only imagine how his family is doing especially the kids. And to think Dreier is still trying to pull his shenanigans....writing to the court to dismiss the securities fraud charges. The more they trace the money the higher the figure will grow. The sad part is tht justice will never be served. No matter how long he receives in jail it will never be able to give back the lives that he affected. While many of us have been able to move forward there are so many that have not. I'm grateful that I have a job but I can't help but feel the pain of many of my colleagues that are still trying to figure out on a day to day basis how they are going to live.
What of Marc's brother, Mitchel, who prosecuters say was paid $50,000 a month to be the office manager of his Los Angeles office? What was he like? What became of him?
Is he implicated in his brother's perfidy?
I am one fo the former attorney's at Dreier and its like a blood bath out there. Interviews are hard to come by, let alone a job. I wish all my fellow workers good luck as I do for myself.
i was a legal secretary at the dreier office in santa monica and with the exception of a month long temp job in march i am still out of work and am struggling to survive. how do you go from making almost 80k to unemployment? that greed prick ruined my life and i am facing losing everything if i don't find something soon.
I was an attorney at dreier and I too am about to be in real trouble. The roof over my family's head is in trouble, so i can appreciate what you are feeling