Marc Dreier, the founder of Dreier LLP, was arraigned Monday on federal charges of pawning off $113 million in bogus securities to two hedge funds. A New York judge, who will oversee the SEC's action to recover the money, named Paul Weiss' Mark Pomerantz as receiver to protect the firm's assets. In another civil suit, Wachovia Bank alleged Dreier had defaulted on a $9 million revolving credit note. Meanwhile, in the wake of Dreier's arrest last week on an impersonation charge, many lawyers are jumping ship.
Dreier Arraigned on Two Charges; Receiver Named to Guard Firm Assets
New York Law Journal
December 9, 2008