Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Wednesday, May 29, 2024 | Back issues
Courthouse News Service Courthouse News Service

Marc S. Dreier Suspended From Practicing Law

(CN) - Park Avenue attorney Marc S. Dreier has been suspended from practicing law, pending the outcome of an investigation into charges that he raised at least $113 million from the sale of fictitious promissory notes.

A New York appellate division voted 5-0 to suspend Dreier based on evidence that he "was engaged in a fraudulent scheme to sell investors fictitious promissory notes for a profit of over $100 million."

In early December 2008, the Securities and Exchange Commission charged Dreier with selling the bogus notes, complete with fabricated financial statements and audit opinion letters, to hedge funds and other private investment funds. The notes were purportedly issued by a New York City real estate investment company.

"Our complaint alleges a stunning, brazen fraud that targeted some very sophisticated institutional investors," said Linda Thomsen, director of the SEC's enforcement division.

Dreier is the founder and managing partner of Dreier LLP, a 250-attorney law firm that filed for bankruptcy in mid-December.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.