Marc Dreier blew part of the $380 million he allegedly stole in failed investments, and used the rest to repay the funds, cover his firm’s expenses and buy art and property, according to prosecutors.
As part of a bail request, Dreier listed assets he owns, including 150 pieces of artwork and numerous cars and homes. He and his lawyer, Gerald Shargel, outlined how Dreier used the money the government says he stole.
All of Dreier’s assets have been frozen by the government, and his lawyer says he is not a flight risk.
Dreier, 58, has been charged with persuading two unidentified hedge funds to give him more than $100 million by falsely claiming he was selling at a discount notes issued by New York developer Sheldon Solow. Prosecutors have since said that “very sophisticated investors” lost $380 million.
Dreier, a graduate of Harvard Law School and Yale College, faces as long as 20 years in prison for securities and wire fraud. Separately, he faces charges in Toronto for impersonating another lawyer.
Posted by Erik Even
on January 16, 2009. Filed under Home,Law Firm News,Legal News.
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