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Dreier lawyers describe depleted accounts, departures from firm
As Marc 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 Arraigned on Two Charges; Receiver Named to Guard Firm Assets
Marc S. Dreier, the founder of Dreier LLP, which grew from a handful of lawyers in 1996 to 238, was arraigned yesterday before a magistrate judge in the Southern District of New York on federal charges of pawning off $113 million in bogus securities to two hedge funds. Separately, the Securities and Exchange Commission filed suit to recover the $113 million. Southern District Judge Miriam Goldman Cedarbaum, who will oversee the SEC's action, said she will appoint Mark Pomerantz of Paul Weiss Rifkind Wharton & Garrison as receiver to protect Dreier's assets.Dreier Stole $380 Million, U.S. Says; Denied Bail as 'Enormous' Flight Risk
A prosecutor yesterday more than tripled, to $380 million, the sum the government says attorney Marc Dreier has stolen from hedge funds and investors. Arguing successfully that Mr. Dreier should be held without bail while a full accounting of his assets is pursued by a court-appointed receiver, U.S. Attorney Jonathan Streeter called Mr. Dreier the "Houdini of impersonation and false documents."
In Re Wachovia Equity Securities Litigation, 08 Civ. 6171 (RJS)
Publication Date: 2011-04-07 Practice Area: Business Law
Industry: Court: U.S. District Court, Southern District Judge: District Judge Richard J. Sullivan Attorneys: For plaintiff: The Equity Plaintiffs are represented by Ira M. Press, Andrew Martin McNeela, and Roger W. Kirby of Kirby McInerney LLP, New York, NY. The Stichting Plaintiffs are represented by Geoffrey Coyle, Jarvis, Jay W. Eisenhofer, and Michele S. Carino of Grant & Eisenhofer, P.A., New York, NY; and James Richard Banko of Grant & Eisenhofer, P A, Chase Manhattan Centre, Wilmington, DE. The FC Holdings Plaintiffs are represented by Daniel Arthur Cohen, Daniel Joseph Kornstein, and Amy Christine Gross of Kornstein Veisz Wexler & Pollard, LLP, New York, NY; JefIrey H. Squire of Bracewell & Patterson, LLP, Washington, DC; and Paul D. Wexler of Bragar, Wexler & Eagel, P.C., New York, NY. The Bond/Notes Plaintiffs represented by John J. Gross, Christopher L. Nelson, David Kessler, John Anthony Kehoe, and Benjamin J. Sweet of Barrowav Topaz Kessler Meltzer & Check, LLP, Radnor, P A; Nichole Browning and Eric Donald Peterson of Barroway Topaz Kessler Meltzer & Check, LLP, San Francisco, CA; Ramzi Abadou, Maureen Elizabeth Mueller, Lucas F. Olts, and John J. Rice of Robbins Geller Rudman & Dowd LLP, San Diego, CA; David Avi Rosenfeld of Robbins Geller Rudman & Dowd LLP, Melville, NY; John Patrick Coffey, William Curtis Fredericks, Kurt Michael Hinciker, Christopher Chad Johnson, John James Rizio-Hamilton, and Jeroen Van Kwawegen of Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Jack Gerald Fruchter of Abraham Fruchter & Twersky LLP, New York, NY; Lionel Z. Glancy of Glancy & Binkow, LLP, Los Angeles, CA; Michael Max Goldberg of the Law Offices of Michael Goldberg, New York, NY; Marc Ian Gross and Fei-Lu Qian of Pomerantz Haudek Block Grossman & Gross LLP, New York, NY. For defendant: The Wachovia Defendants are represented by Douglas H. Flaum, Eric A. Hirsch, Israel David, and John W. Brewer of Fried, Frank, Harris, Shriver & Jacobson, New York, NY. The Underwriter Defendants are represented by Alfred Robert Pietrzak, Patrick Michael McGuirk, Owen Harris Smith, and Saima S. Ahmed of Sidley Austin LLP, New York, NY. Defendant KPMG is represented by Emmet Thomas Flood of Williams & Connolly LLP, Washington, DC and Marshall Beil of McGuireWoods LLP, New York, NY. Case number: 08 Civ. 6171 (RJS)
Cite as: In Re Wachovia Equity Securities Litigation, 08 Civ. 6171 (RJS), NYLJ 1202489220302, at *1 (SDNY, Decided March 31, 2011)District Judge Richard J. Sull
Lawyer: Disgraced lawyer will plead guilty in May
NEW YORK AP - A prominent Manhattan lawyer accused in a $700 million fraud will plead guilty next month to all of the charges he faces, his attorney told a judge Monday.Marc Dreier will enter the plea to securities fraud, wire fraud and money laundering charges, attorney Gerald Shargel told U.S. District Judge Jed S.Dreier Arraigned on Two Charges; Receiver Named
Marc S. Dreier, the founder of Dreier LLP, which grew from a handful of lawyers in 1996 to 238, was arraigned Monday before a magistrate judge in the Southern District of New York on federal charges of pawning off $113 million in bogus securities to two hedge funds.TRENDING STORIES
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