Legal News

News Flash: Water Wet, Ice Cold, Dreier Bankrupt
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Marc Dreier (center) with football ex-player Michael Strahan and actor William Shatner. No, really. Notice how this photo really plays up Dreier's Ommpa Loompa ancestry.
Marc Dreier (center) with football ex-player Michael Strahan
and actor William Shatner. No, really. Notice how this photo
really plays up Dreier’s Oompa Loompa ancestry.

The law firm Dreier LLP will seek bankruptcy protection after its founder was jailed for cheating hedge funds out of more than $100 million.

Marc Dreier, who is being held on federal criminal charges, may seek protection too, said the receiver, lawyer Mark Pomerantz, who was appointed to run the firm.

  
What
Where


Prosecutors say Dreier, 58, a graduate of Harvard Law School and Yale College, convinced two unidentified hedge funds to give him more than $100 million, by falsely claiming he was selling notes issued by New York developer Sheldon Solow at a discount. At a court hearing, prosecutors said they had discovered additional losses for a total of $380 million.

Separately, Eton Park Capital Management, the New York-based hedge fund, wrote down loans stemming from deals with Dreier. The loans were worth less than 1% of the investments Eton Park manages. Eric Mindich, a former Goldman Sachs partner, founded the firm in 2004 with $3.5 billion, a record for a hedge-fund start-up size at the time. The firm now manages $13 billion.

Via Bloomberg.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Senior Director, Associate General Counsel - Contracts

USA-NJ-Parsippany

Pacira BioSciences, Inc. is a leading provider of non-opioid pain management and regenerative health...

Apply now

Senior Corporate / Commercial Attorney |

USA-VT-Burlington

Downs Rachlin Martin – Northern New England’s largest business law firm - has a signific...

Apply now

Litigation law clerk

USA-VA-Alexandria

Paralegal Job Opening  Company Name:  Old Towne Associates, P.C. Company Locati...

Apply now

Senior Counsel, Shared Services & Litigation

USA-GA-Carrollton

Southwire is seeking to hire an experienced attorney to serve as Senior Counsel to provide advice an...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Litigation Managing Attorney

USA-MD-Baltimore

Baltimore office of our client seeks managing attorney with 10 years of experience. The candidate wi...

Apply Now

Sole Practitioner

USA-WI-Milwaukee

Milwaukee office of a BCG Attorney Search Top Ranked Law Firm seeks sole practitioner with experienc...

Apply Now

Estate Planning and Probate Attorney

USA-VA-Fairfax

Fairfax office of our client seeks estate planning and probate attorney with 5+ years of experience....

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top