Dreier Crony Gets 4 Years

MANHATTAN (CN) – A broker was sentenced on Wednesday to 46 months in prison for helping disgraced attorney Marc Dreier sell $115 million in bogus promissory notes to a hedge fund. Kosta Kovachev impersonated a company CEO to help Dreier sell the bogus notes, for which Dreier kicked back $215,000 to him.

     Dreier was sentenced to 20 years in federal prison in July 2009, and ordered to forfeit $746.5 million and pay $389 million in restitution.
     Kovachev, 58, of Trumbull, Conn., must forfeit his $215,000 kickback, and serve time for conspiracy and wire fraud.

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