New York lawyer Marc Dreier has pleaded guilty to charges of defrauding hedge funds of about $700 million, according to the U.S. Attorney for the Southern District of New York. Dreier pleaded guilty to conspiracy to commit securities and wire fraud, securities fraud, wire fraud and money laundering. He faces maximum prison time of 145 years, and must forfeit the “proceeds of the fraud offenses and property derived there from, including real estate, a yacht, and a number of works of art.” An indictment was returned in a U.S. District Court in New York against Dreier in March.
Prosecutors alleged that from 2004 to 2008, Dreier sold fake promissory notes and misappropriated client funds from his law firm. Losses to Dreier’s clients and purchasers of the various fake notes exceeded $400 million, but Dreier himself collected over $700 million in profits from the fake sales, according to the prosecutors involved in the case. Dreier is the founder and managing partner of Dreier LLP, a law firm of more than 250 attorneys with offices in New York City, Los Angeles, and elsewhere in the country.
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