As Marc S. Dreier was being arrested for attempting to defraud hedge funds of more than $100 million, some of the 10 affiliates of Dreier LLP were peeling off and others were trying to hold the firm together even as money for insurance and some operating expenses is frozen. Declarations filed by the Securities and Exchange Commission in connection with its civil case against Dreier also indicated that some firm attorneys were concerned that escrow accounts, which Dreier controlled, had been depleted.
Dreier Lawyers Describe Depleted Accounts, Departures From Firm
New York Law Journal
December 11, 2008