Attorney Marc Dreier Sentenced 20 Years For Fraud

Image by Renegade98 via Flickr

New York attorney Marc Dreier was sentenced today to 20 years in a federal penitentiary for the fraud he perpetrated by selling fictional promissory notes allegedly issued in behalf of two major corporations.


The losses to his investors exceeded $400 Million, a pittance compared to Bernie Madoff’s alleged $65 Billion swindle. Both schemes operated along the same lines although independently of each other. Dreier was not in business with Madoff but his investment scheme operated and unraveled in the same manner.

Dreier converted his clients funds to purchase lavish homes and rare oil paintings valued in excess of $700 Million which the U.S. Marshals have confiscated, or taken possession of, and which can be sold to reimburse investors, at least partially.

Dreier was the managing partner of Dreier LLP in Manhattan which employed in excess of 200 lawyers. The charges against Dreier included securities fraud, conspiracy, wire fraud and money laundering.

In sentencing Dreier, U.S. District Judge Jed Rakoff stated "When you turn to the facts of the crime that Mr. Dreier committed, one must still be appalled, as it is a huge fraud by any standard, other than the Madoff standard."
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