Federal prosecutors say that Marc Dreier, a New York lawyer, has stolen $380 million from hedge funds and investors. According to Assistant U.S. Attorney Jonathan Streeter, the alleged fraud has been going on since 2006. He described the victims of fraud as “very sophisticated investors.” Dreier, a 58-year-old Harvard Law School graduate, was accused of stealing $113 million from two hedge funds since October by persuading them to “invest” in fake paper supported by forged financial documents.
Dreier is also accused of removing client funds amounting to tens of millions of dollars from law firm escrow accounts and putting it into his own personal accounts. Marc Dreier is the founder and sole equity partner of the Dreier law firm. At one time his firm had nearly 250 lawyers. The law firm has now filed for bankruptcy protection. If the charges against this man are true, he should be jailed, and banned from practicing law for life. Clearly, this sort of thing can’t be tolerated.
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