Attorney Dreier Pleads Guilty to $400M Scam

     (CN) – Attorney Marc Dreier pleaded guilty late Monday to all eight federal counts accusing him of bilking investors of hundreds of millions of dollars with phony promissory notes. Dreier, whose 59th birthday is today, could face decades in prison for securities fraud, wire fraud, conspiracy and money laundering. The government said it made no plea bargain.

     Dreier founded the Dreier LLP law firm, which employed about 250 attorneys until his arrest last year. He ran his scam from 2004 through 2008. Federal prosecutors seek $400 million to $700 million in restitution and forfeiture.
     Dreier could face up to 20 years on each wire fraud, securities fraud, and money laundering count, and 5 years for conspiracy at his July 13 sentencing before U.S. District Judge Jed Rakoff in Manhattan.

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