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Dreier Formally Indicted On Securities & Wire Fraud Charges

Marc Dreier's looking more and more like the sea captain from The Simpsons.Everyone’s favorite lawyer Marc Dreier, founder of New York’s Dreier LLP, was indicted by a federal grand jury yesterday.

The indictment follows Dreier’s December 7th arrest on charges that he persuaded two hedge funds to give him more than $100 million by falsely claiming he was selling at a discount notes issued by a New York developer. Prosecutors later said investors’ losses exceeded $400 million, a figure repeated in the indictment.

“Dreier conspired to engage in securities and wire fraud,” acting US Attorney Lev Dassin said.

The indictment expands the number of charges against Dreier, says his scheme began in 2004, and identifies new crimes he allegedly committed. Among them were the embezzlement of client funds and the sale of fake promissory notes purportedly issued by a Canadian pension plan.

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Dreier, 58, hasn’t formally responded to the charges, but with the indictment he’ll be required to enter a plea. Dreier’s lawyer, Gerald Shargel, said his client wants to resolve the case with prosecutors.

A graduate of Harvard Law School and Yale College, Dreier is being held in prison after he was unable to post $20 million bail.

Dreier LLP, which had 250 lawyers and offices nationwide, filed for bankruptcy after its founder’s arrest.

Dreier also faces charges in Toronto, where he was arrested for impersonating a lawyer at the Ontario Teachers’ Pension Plan.

Dreier Formally Indicted On Securities & Wire Fraud Charges by

  • outfworkinla

    i just got laid off today from the santa monica office of dreier llp because the firm closed its doors. no severance, no benefits and no job. it is amazing that the actions of one man (marc dreier) was able to ruin approximately 500 innocent people that worked hard for him. this week one of our partners dropped dead of a heartattack due to the stress of our law firm closing down and not having a job lined up and a wife, kids and mortgage to pay.

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