New York – Marc Dreier Sentenced to 20 Years in $400 Million Fraud


    Marc DreierNew York – Marc Dreier, the New York law firm- founder, was sentenced to 20 years in prison for defrauding hedge funds of more than $400 million and stealing money from his clients.

    U.S. District Judge Jed Rakoff in Manhattan today sentenced Dreier, 59, to a term far shorter than the 145 years sought by prosecutors. Dreier’s lawyers asked for a sentence of as few as 10 years. Dreier was also ordered to pay $387.7 million in restitution.

    Investors who placed more than $740 million with Dreier lost at least $400 million, prosecutors said. Dreier, founder of law firm Dreier LLP, sold more than 85 phony promissory notes to at least 13 hedge funds and three individuals from 2004 to 2008, they said. Dreier admitted that he lied to his investors when he said the fake notes were issued by New York developer Sheldon Solow, a client of his firm.

    Dreier was arrested in Toronto on Dec. 2 and charged with impersonating a lawyer with the Ontario Teachers’ Pension Plan. He pleaded guilty on May 11 to charges of money laundering, conspiracy, securities fraud and wire fraud.

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