Dreier founder in $113m bogus securities charge
Marc Dreier, the founder of Dreier LLP, has been charged with pawning off $113m (£76.5m) in bogus securities to two hedge funds, reports The New York Law Journal. The Securities and Exchange Commission has filed suit to recover the $113m. Mark Pomerantz of Paul Weiss Rifkind Wharton & Garrison has been appointed as receiver to protect Dreier's assets.In another civil suit filed on Monday (8 December), Wachovia Bank alleged that Dreier LLP and Dreier himself had defaulted on a $9m (£6m) revolving credit note made in connection with a $14.5m (£9.8m) credit agreement and a term note in the amount of $5.5m (£3.7m).
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