Look’s like the staff of Dreier LLP will have to cancel their Towncars to the Waldorf Astoria tonight: the office holiday party is off. Why? Mark Dreier, the firm’s founder and managing partner, was reportedly arrested by Canadian authorities on financially related charges. Sources brought up Fortress Investment Group as having possible involvement and say that Dreier live the lifestyle of a billionaire tycoon.

Partners convened Wednesday and today in emergency meetings to discuss the firm’s uncertain future. Sources say law enforcement authorities have frozen some firm escrow accounts, leading people to question the Dreier Stein’s financial health. An inside source tells us that since 1996 the growth of Dreier Stein has been somewhat shaky and reckless after acquiring 250 associates with offices across 6 cities.