Marc Stuart Dreier (born May 12, 1950) is a former American lawyer who was sentenced to 20 years in federal prison in 2009 for committing an investment fraud using the Ponzi scheme. He is scheduled to be released from FCI Sandstone on 26 October 2026. On May 11, 2009, he pleaded guilty in the United States District Court to the Southern District of New York with eight counts of fraud, which included one count of conspiracy to commit securities fraud and wire fraud, one count money laundering, a counting of securities fraud, and five counts of wire fraud in a scheme to sell $ 700 million in fictitious promissory notes. The civil allegations, filed in December 2008 by the US Securities and Exchange Commission, are pending.
He is the sole equity partner of Dreier's solvated law firm, LLP. After being suspended from the New York Bar on December 23, 2008, the New York Supreme Court officially dismissed Dreier on October 8, 2009, effectively nunc pro tunc until May 11, 2009. He was accepted on May 5, 1976.
Video Marc Dreier
Kehidupan awal, pendidikan, dan tonggak karier
Marc Dreier grew up on the southern coast of Long Island in a prosperous area known as the Five Towns. His father, a Jewish immigrant from Poland, has a network of cinemas. Dreier leads the Lawrence High School student council, and passes "most likely to succeed". He graduated from Yale University in 1972 with a Bachelor of Arts degree and earned his Juris Doctor degree from Harvard Law School in 1975. He began his career as a "shining star" in the late 1970s at Rosenman & Colin, Freund, Lewis & amp; Cohen, then a litigation firm of 90 lawyers, and is highly respected. "He's a very intelligent, hard-working.... Funny, friendly - part of a social mix," but what distinguishes him most is his ability to think standing. "He's very fast, very clever."
In the early 1980s, Dreier was appointed as a partner at Rosenman. In 1987, he married a Rosenman associate named Elisa Peters. He and his wife split up in 2000, around the time when Dreier broke with a partner and started his own company.
In 1989, he joined the office of Fulbright & amp; Jaworski. Dreier will be the head of litigation in New York, but when Dreier left Fulbright in March 1995, there were only ten New York litigators. He then works for Duker & amp; Barrett is less than a year old. The founding partner, William Duker, would later plead guilty to four counts of fraud called "one of the most serious legal fraud cases ever prosecuted. In 1996, he teamed up with a Florida lawyer named Neil Baritz, who has corporate practices and small securities, to set up a company called Dreier & Baritz. Although he was able to find the company, the predecessor to Dreier LLP, he struggled to distinguish his practice.
From 1999 to 2002, Dreier, Baritz, & amp; Federman was formed with offices in New York and Boca Raton with most of its partners in Oklahoma. Dreier runs a new office at Park Avenue offices. He liked the plaintiff's class action lawsuit, which resulted in huge revenues. Federman had problems with Dreier's spending, managerial style, and secrecy, culminating in the lawsuit.
Dreier, encouraging to impress, buy expensive things, buy a home in Westhampton. He bought first place in Quogue, then the house next door. He bought a cruise ship costing $ 18 million 121 feet (37 m) Seascape , which included a crew of 10 and a jacuzzi, and docked in New York City and St. Louis. Martin. Dreier owns a seaside home in the Hamptons, a Manhattan triplex, and a penthouse on Ocean Avenue in Santa Monica, California, which he rents. He drove a Mercedes 500 in New York and Aston Martin in California. He is a member of the Harmonie Club and maintains a high profile at charity events.
Maps Marc Dreier
Dreier LLP
In 2006, Dreier founded his own company with offices in five cities, promising fancy compensation. The headquarters at 499 Park Avenue has an art value of $ 30 million to $ 40 million, including Picasso's works and Warhol's portrayal of Jacqueline Kennedy Onassis.
Dreier operates like a company and dislikes partnerships. Marc Dreier is the owner of a single equity partner, controls all corporate finances, and handles all administrative functions. There is no executive committee and no partner meetings. All transactions are structured so that only he knows all of his specifications and has access to all accounts. Dreier convinces lawyers that such an arrangement is best by emphasizing that it will allow them to concentrate on the law while he is worried about running the company. He hires a lawyer on a three-year contract, fixes their salary and pays a bonus on the basis of fees charged by each lawyer. According to court filings, some lawyers receive a salary of more than $ 50,000 every two weeks.
In 2007, Dreier expanded to Los Angeles and brought in Hollywood superstar attorney Stanton "Larry" Stein, whose clients include Mary-Kate and Ashley Olsen and Hilary Duff. Expansion increased Dreier LLP's revenue from $ 60 million in 2006 to $ 90 million in 2007. Despite the growing volume of business, the office actually operates at a net loss of around one million dollars a month. On January 27, 2009, Paul S. Anik, a partner at Dreier Stein Kahan Browne Woods George, LLP died of a sudden stress-related heart attack at age 54.
On September 28, 2008, New York Magazine stated that 20 lawyers of the company and its affiliates were selected for inclusion in the "New York Super Lawyer, 2008 Edition" by Law & amp; Politics , legal publishers and independent researchers from several national surveys. In 2007, 16 lawyers were named.
Two of Dreier's children are on the payroll, and he spent $ 10 million of company money in the Gagosian Gallery of New York in 2008.
In March 2009, Fox Rothschild law firm acquired Pastore Osterberg, a company in Stamford, Connecticut founded by Dreier's lawyers in late 2008. Joe Pastore and Eric Osterberg joined with seven other Dreier lawyers. This practice focuses on litigation, telecommunications, technology, securities, and intellectual property.
Traub Bonacquist & amp; Fox
In September 2006, Dreier acquired the renowned bankruptcy law firm Traub, Bonacquist & amp; Fox. Founding member and implementing partner Paul Traub participated in some of the largest retail bankruptcies in previous years, including Kmart, FAO Schwarz Inc., KB Toys Inc., Stage Stores, Office Max, and eToys.com. During his legal career, Traub already had his own ethical controversy, especially the matter of the conflict of interest he kept in mind. Traub became Dreier's partner, earning in the range of $ 1 million or more, and co-chair, with Norman Kinel, from bankruptcy practices. On December 5, 2007, Traub sent a letter to a client announcing that he and other bankruptcy lawyers had resigned from the company but would continue to train together as their previous partnership, Traub, Bonacquist & Fox LLP. "Given the latest developments, which we did not know until yesterday, we have withdrawn from Dreier LLP, effective immediately," the letter said.
In February 2009, Epstein, Becker & amp; Green, a company specializing in government contracts, brought seven members of Traub/Dreier's bankruptcy team to their New York office, which included Paul Traub, Steven E. Fox, Wendy G. Marcari, and Maura I. Russell. Partners include Brett J. Nizzo, Anthony B. Stumbo, and Bradford Tobin. The company has 400 lawyers based in eleven cities in the US. In December 2008, Harold F. Bonacquist, a passive partner, was a political attache at the US Consulate in Istanbul, Turkey.
Sheldon Solow
From 1998 to 2006, Dreier handled many litigations for Sheldon Solow, a billionaire real estate maker. The most recent case is the unsuccessful removal of Bank of America Securities LLC from its main building in Manhattan, 9 West 57th St., on the grounds that it is doubtful that one of the bank brokers has been accused of illegal trade.
In 2000, Solow decided to file claims for $ 10 million worth of beachfront property ownership in East Hampton. Peter Morton, co-founder of the Hard Rock Cafe chain of restaurants, has signed a contract to buy a home from Dr. Gary Feldstein. Solow tried to break their contract and buy the place itself. Year litigation occurred. Dreier filed a lawsuit in state courts in Manhattan and Suffolk County, in federal court in the Eastern and Southern Districts of New York, in Florida bankruptcy court, and in several suitable appeals courts. "He has a clear view, certainty that he can get away with what other lawyers can not do," said Feldstein's lawyer Kevin Smith, who Dreier called the defendant in one of the lawsuits. "He's like Gatsby without his charm." In 2003, the US Court of Appeals for the Second Circuit, citing "a persistent, repetitive and irritating trial history", ordered Solow and Dreier to pay a double fee for Morton and Feldstein. Solow litigation charges about $ 6 million in legal fees, most will be charged to Dreier.
As of February 2004, ads labeled "legal notices" go to The New York Times and New York Post . Fraudulent advertising, ashamed of expensive, told "all unsecured creditors" in reorganizing Peter Kalikow 1994 in Act 1994 that they "may have additional recovering rights" due to Kalikow's failure "to make the actual disclosure". More than 50 calls and 18 faxes go to Evergence Capital Advisors, Inc., by creditors. Evergence is a dead Florida company run by Kosta Kovachev, a one-time broker Morgan Stanley in Belgrade who faces SEC demands for his participation in the $ 20 million Ponzi scheme, which eventually paid SEC $ 358,148 in penalties and interest. Evergence telephone and fax numbers went directly to the telephone line at 499 Park Ave. - Dreier's office, LLP. Dreier bought the newspaper ads, using Evergence and Kovachev as a front. After Manhattan's federal bankruptcy court, Judge Burton Lifland, who oversaw Kalikow's bankruptcy and led in the bankruptcy of Madoff Investment Scandal, ordered Dreier to reveal his client's identity, it became clear that Solow hired Dreier to place the ads. Lifland ordered Dreier and Solow to pay about $ 300,000 for sanctions to Kalikow.
In November 2008, Dreier claimed that Solow sought to earn $ 500 million by selling short-term, high-interest securities, backed by Dreier's forged audit report. The report has been used to try to deceive hedge funds, Whippoorwill Associates, to buy false promises of Solow Realty. On 15 October, fund managers, who had bought $ 115 million from records in 2006 or 2007, demanded a meeting at Solow's office when they were not paid on schedule. Dreier arranges it, with Kovachev disguised as CEO of Solow. In October 2008, Dreier sent a document on managing director of Connecticut hedge fund which he said was a financial report that Solow had audited, and the fund bought $ 25 million for $ 13.5 million. Dreier sent the New York hedge fund the same document he gave to the Connecticut fund, but the portfolio manager wanted more information. Dreier sent four e-mails purportedly from other funds that had purchased the Solow record, as well as Dreier LLP's letter of opinion guaranteeing the note. A portfolio manager is then asked to speak directly with someone at Solow Realty. Dreier scheduled a conference call for October 23, and provided a phone number located in the conference room at Dreier LLP's office in Stamford, Connecticut. Kovachev speaks on the phone and, pretending to be Solow CEO Steven Cherniak, answers questions about Solow's records and finances. The next day, hedge funds bought about $ 100 million in notes. Both Connecticut and New York funds doubt and bring their doubts to Solow Realty and its audit firm. In November, a hedge fund manager informed Dreier that he called Solow Realty and copied it via e-mail to Solow about the note. Solow's lawyer then contacted federal authorities, that Dreier might be involved in financial fraud.
List of clients
More than 200 creditors have filed a total of more than $ 450 million in claims. Eton Park Capital Management is seeking more than $ 84 million and the Benteng Credit Opportunity, part of Fortress Investment Group, has filed a $ 61.9 million unsecured claim. Former legal partner Bruce F. Bronster sought $ 767,000 and entertainment lawyer Lisa Bonner claimed $ 448,365.
More than 800 client pages are named as "creditors who hold non-priority claims" and are filed to a New York court. Some of these clients include Bill Cosby, Tim Burton, Justin Timberlake, Virgins music group, Dead Tree and Black Angels, Music Production Company Monkey Dog, Harry Connick, Jr., Elvis Costello, Jon Bon Jovi, Diana Krall, 50 Cent, Echo & amp; Bunnymen and companies representing Doors, B-52s and Ramones. Sports figures include baseball players Andy Pettitte and Sammy Sosa, tennis star Maria Sharapova, and hockey player Kevin Weekes. Manchester United F.C. sports teams, the New York Mets, and the Premier League Baseball Association are also among clients.
In March 2008, Dreier sued Judith Regan's client, claiming that he owed the company's costs in respect of $ 100 million in pollution and a breach of a contract lawsuit against his former employer, News Corp.'s HarperCollins Publishers LLC. On December 9, 2008, Regan claimed Dreier was trying to extort the settlement from him and improperly revealed a $ 10.75 million settlement with HarperCollins.
Crime fraud case
Conviction and plead guilty
On July 13, 2009, Dreier was sentenced to 20 years and ordered to start his term soon. Judge Jed S. Rakoff rejected the prosecutor's request to respond maximally, "he is not Mr. (Bernard) Madoff of any analysis, and that's why I can not understand why the government is asking 145 years". Dreier spoke to the court, his family, his clients, and the lawyers who worked for him: "I'm sorry, so sorry, for the harm and sadness I've caused to so many people." The US Department of Experiment has recommended a 25-year sentence.
In a recent letter to the court, Dreier wrote: "I just remember that I was desperate to measure the success I felt had eluded me, I lost my perspective and my moral foundation, and really, in a sense, I just lost my mind."
At his hearing on May 11, 2009, Dreier read the statement, "I drafted a scheme to publish and sell fictitious wills purportedly issued by companies in the United States and Canada," and later pleaded guilty to $ 380 million fraud on various hedge funds by selling a worthless financial instrument without a plea agreement with the government.
The US Securities and Exchange Commission has also filed a separate civil lawsuit against him for stealing funds from an escrow account owned by one of the company's bankruptcy clients.
An amended indictment on March 17, 2009 added the number of eighth money laundering on indictment and $ 700 million in coverage. From 2004 to December 2008, Dreier "sold to the fund and another about $ 700 million worth of Fake Developer Records and Fake Retirement Notes". The case number is: S1 09Cr085.
The eight-count indictment declared his fraud began in 2004, that Dreier gave the buyer his record of false financial reports, arranging meetings for investors with people posing as officials of the listed publishers, selling fake promissory notes reputedly issued by Canadian retirees. plan, and embezzle more than $ 400 million from his client's escrow account.
Dreier may also face criminal charges in Canada for posing as a home lawyer on Ontario Teacher's Pension Plan in connection with the sale of financial instruments worth $ 44.7 million USD, where he was arrested. He was released on bail, only to be arrested again by US authorities after returning to New York.
Free with warranty
At his trial on May 11, 2009, Judge Rakoff said, "He has embarrassed the honorable law profession... There are 100 good reasons why Mr. Dreier should be jailed." With his own confession here today, he has shown that he will be ranked with them who has done some of the most horrific scams in history. "In the end, the judge decides that Dreier remains free of charge pending trial on July 13, 2009.
Dreier was initially released on bail on February 13, 2009. On February 5, 2009, US District Judge Jed Rakoff in Manhattan has written briefly that the total of 10 conditions set for the release of Marc Dreier "will be sufficient to convince Appearance of the accused in court as provided".
He issued an official warrant order on February 9, 2009 that Dreier was released on a $ 10 million bond, under 24-hour house arrest with armed guard and electronic monitoring. Judge Rakoff notes prosecutors have pointed out, for the limited purpose of the assurance, that Dreier "is not only a master of deceit and dishonest people, but the kind of person who, under pressure, can use desperate acts" and his motive for escape is "palpable". The package of guarantees filed by Dreier's lawyers "goes a long way to minimize this risk". The bonds will be signed together by his son and mother, holding them accountable if Dreier escapes. He also ordered that all means of communication, in addition to the landline required for electronic monitoring, were removed from Dreier's apartment and that no visitors were allowed without the consent of the government.
In a letter to judge judges opposed to guarantees, US Attorney assistant Jonathan R. Streeter said Dreier was "very deceptive, brash, creative and resourceful in achieving his criminal goals".
On January 22, 2009, US Judge Douglas Eaton had modified the previous regulation and assigned a bond of $ 20 million, requiring Dreier to secure a guarantee of $ 10 million in cash or property and including at least four co-signers, who would be required to pay money if Dreier escaped. Dreier should also be subject to electronic monitoring and see a psychiatrist twice a week. He has requested to be released on a $ 10 million bond and must undergo electronic monitoring. He said that his mother and 19-year-old son, Spencer, would sign the bond. Dreier was then placed under house arrest and among one of the court-appointed security guards who monitored him was a retired F.B.I. agent.
Eaton told Shargel, "This is an amazing fact, his behavior is clumsy, clever, improvisational." Frankly, it shows mental disorders.
Kosta S. Kovachev
Kosta S. Kovachev was the son of two doctors who emigrated from Serbia in 1964 and established a practice in New York City. He was born in Belgrade, educated at Columbia University and Harvard Business School, and joined Morgan Stanley in 1987. He left there after five years for an unclear smaller company succession, then voluntarily submitted his broker license in 2002. At in 2006, he lost his broker license from the National Association of Securities Dealers after being involved in a $ 28 million Ponzi scheme. He refused to cooperate with the later investigators and ultimately paid a fine of over $ 350,000 and interest to settle the matter, without admitting his mistake. Dreier is Kovachev's lawyer during the case. [1]
Kovachev does not have an actual address (because the address on its SIM is a dead mailbox in Florida) and there is no formal job. Her cell phone bill was sent to Harvard Club. Twice divorced, he had an adult son in the US Navy from his first marriage, and five other children from a second marriage. He had known Dreier for at least a decade before 2008. Although not an employee of Dreier L.L.P., Kovachev had electronic permission to Park Avenue offices including his computer and his office.
On December 4, 2008, when Dreier was in a Canadian prison trying to move cash from a law firm account, Kovachev appeared at the law firm to pick up three paintings. There were only two paintings, and Kovachev took them and left.
On March 31, 2010, at a hearing before US District Judge Naomi Reice Buchwald in Manhattan, K. S. Kovachev, 58, was sentenced to 46 months in prison and a fine of $ 215,000 (the amount Dreier paid for impersonation). On November 2, 2009, he pleaded guilty to fraud securities and wire fraud, as well as wire fraud allegations, and confessed to imitating an accountant for Solow Realty & Development at Dreier's request in meetings with investors in their offices in Manhattan; and then, imitating the then CEO of Solow, Steven Cherniak at the request of Dreier in a separate phone call with investors. He has been arrested in December 2008. He will lose his service payments from Dreier to capers: $ 215,000. A five-year sentence is scheduled on March 5, 2010, along with over $ 100 million in the form of restitution.
On April 22, 2009, Kovachev has been indicted on new charges: a conspiracy to commit securities fraud, securities fraud and wire fraud, adding to the foreclosure allegations that seek to earn money placed by Kovachev in four different bank accounts. Kovachev has freed the indictment and filed a plea of ​​not guilty. In April 2010 Kovachev was sentenced to 3 years and 10 months in prison. Kovachev paid $ 115,000 from Dreier's company operating account and $ 100,000 from a trustee's lawyer account.
Case Number, dated December 18, 2008 is: USA v. Kosta S. Kovachev, 08 MAG 2792.
Robert Miller
On November 9, 2009 Robert Miller, 52, from Englewood, New Jersey pleaded guilty to conspiracy to fraud securities and wire fraud, as well as securities fraud, to a trial before US Judge Ronald L. Ellis in Manhattan. He has agreed to sacrifice $ 100,000 compensation from Dreier in November 2008 to impersonate someone in a Canadian pension program and a few days later a representative of Iceland's hedge fund by phone, to sell about $ 44.7 million in fictitious promissory notes. US District Judge Kimba Wood sentenced Miller to a two-year probation.
From 1983 to 1986, he was a staff lawyer in the Commerce and Securities Commission Enforcement Division, and from 1987 to 2008, he was an analyst and money manager. Between 1999 and 2008, he and Dreier managed joint investment funds.
SEC Civil charge
On December 8, 2008, the Securities and Exchange Commission accused Dreier with fraud associated with a complicated scheme that raised at least $ 113 million from the sale of fake promissory notes. The complaint claim that since at least October 2008, Dreier has marketed unauthorized promissory notes, including fake notes from a New York-based real estate development firm, for hedge funds, and other private investment funds. He has closed at least three sales, assuring the buyer that the note is genuine.
Dreier distributes fake financial reports and audits opinion letters from reputable accounting firms and recruits help to represent legitimate companies involved in transactions, including fake e-mail addresses and phone numbers. Dreier directed that two counterfeit money buyers record wire payments to his firm's escrow account. At least one buyer finds a fraud and receives a return on his investment. There are less than $ 100 million in known results from the sale of counterfeit records. Dreier has offered fictitious wills on behalf of his former client, Solow Realty, a New York real estate developer. At least since October 2008, Dreier has approached at least three different investment funds with an offer to sell, at great discounts, short-term, unsecured, promissory notes issued by Solow. Two of the investment funds agreed to purchase the memorandum (one note purchased in two separate transactions) and forwarded approximately $ 113 million into the account on behalf of the "Dreier LLP Attorney Trust Account". The third fund was offered a note, but refused to participate. All the offerings were accompanied by documents that Dreier later recognized, he knew were false. Dreier offered notes for sale even though he knew Solow never took them out, did not authorize Dreier to market them, and did not know anything about their whereabouts. Dreier has provided hedge funds with false documents including "form" notes and related agreements, "audited financial statements", and a recognized audit letter, containing a false signature of the Solow auditor, but printed on stationery claimed by the Solow audit firm.. Dreier never told a representative of the hedge fund that the entire marketing and sales plan was fictitious.
On December 8, 2008, the SEC filed a declaration from the controller of the company John Provenzano and attorney Dreier Norman N. Kinel. Provenzano details how millions of dollars are lost from client accounts. He stated that he was aware since he took a position in August 2005 from a thaw between $ 30 million and $ 40 million in Dreier's account to pay for his artwork. Dreier LLP maintains eight escrow accounts where client funds are combined and eight other accounts for individual clients. Kinel e-mailed Dreier on December 1, requesting the release of $ 38.5 million from an escrow account on behalf of 360networks (USA) Inc., a client that emerged from bankruptcy in 2002. Dreier remains an advisor to the official committee of unsecured creditors at In connection with the bankruptcy of Chapter 13 360 and Kinel requested money to be distributed to unsecured creditors, but only $ 19 million was left in the account. Provenzano recalled that in a telephone conversation with another company partner, Joel A. Chernov and Steven R. Gursky on December 3 and 4. Dreier said that, if he was not in custody, he would be able to return to New York and sell some of his art so the money can be returned. On the second day, Provenzano was asked by Dreier, who was imprisoned in Canada for alleged impersonation, related to a hedge fund transaction, to transfer $ 8 million and then $ 10 million from an escrow account to Dreier's own account, but Provenzano refused..
The case is SEC v. Dreier, 08-cv-10617 US District Court for the Southern District of New York (Manhattan).
Assets
Dreier LLP's assets and affiliates have been frozen by court order. A Statement of Financial Affairs, filed on February 16, 2009, with Southern District's New York USBankruptcy Court, reveals that Dreier LLP has $ 59 million in assets and $ 42 million in liabilities, about $ 30 million of which is payable to creditors holding bail. claim. In 2008, salaries for contract partners ranged up to $ 1 million or more. Dreier, the company's equity partner, received more than $ 4 million, and $ 27,000 was paid to his 19-year-old son Spencer. These figures are based on unaudited copies of books and records.
List of 10 page properties submitted to the Court, some of which include: 5 bank/investment accounts; Boat: "Seascape", 2005 Hessen Motor Yacht, 2008 Novorunia Equator Yacht Tender, Yamaha Waverunners (4); Car: 2007 Aston Martin, DB9 Volante, 2006 BMW 650i convertible, 2000 Mercedes Benz S500 Sedan, 1997 Mercedes Benz SL500 Roadster; More than 100 works of Art: "Seats with Books on the Red Carpet", David Hockney; "First Painting with Bottle", Roy Lichtenstein; "Blue Jackie", "White Jackie", "Jackie Profile Looking Down", Andy Warhol; "Portrait of a Girl", Pablo Picasso; "Grand Masque", Henri Matisse; "Big Thief", Tom Otterness, and high-definition video of 2006, Salma Hayek by Soho photographer Robert Wilson; Real Estate: New York City condominium 151 E. 58th street; Hamptons House: East Quogue (2), Sag Harbor; Anguilla, West Indies condominium (2).
After his arrest, Dreier attempted to transfer two properties in the Hamptons for a total of US $ 12.5 million to his son Spencer. Spencer asked the property nanny to file a paper claiming his father in October signed over the interest on the property as a gift, because his son agreed to spend the summer with him. The management refused to do so.
Chapter 11 bankruptcy
Mark Pomerantz of law firm Paul, Weiss, Rifkind, Wharton & amp; Garrison is the court-appointed recipient for Dreier LLP. On December 16, 2008, Pomerantz filed for Chapter 11 bankruptcy on behalf of the company, stating that "no effective management" existed in the company after Dreier's arrest. Dreier is the only company's equity partner. The company owes the malpractice insurance operator Chubb Group of Insurance Companies over $ 213,000 in unpaid bills on December 31, 2008 otherwise the $ 10 million insurance policy will expire and leave 240 Dreier or more lawyers without coverage.
On March 26, 2009, Pomerantz revealed he had recovered more than $ 100 million in assets, including $ 39 million in art; cruises costing $ 18 million, 121 feet (37 m); house in Manhattan; three properties in East Hamptons of New York; a parcel in Anguilla owned by Dreier or a member of his family; and five cars. Cruise ships, Seascape that liquidation prices were reduced from $ 13.5 million to $ 12.5 million, purchased through the sale of counterfeit records. Dreier holds stock certificates in an office and stock safes at a company called People Capital and a startup bio diesel company in Argentina. He also controls an investment vehicle called Armada Partners. However, "large quantities" may not be charged. The Pomerantz Company will charge $ 1.4 million for its services.
On March 26, 2009, the auction held at the law office sold most of the company's furniture and supplies at the lowest price, with the exception of Dreier furniture and paintings.
On June 17, 2009, two adjacent seaside homes in Southampton/East Quogue, New York are scheduled to be auctioned off with a possible up to $ 12.5 million.
On July 21, 2009, a 34-storey, 3,000 square foot (280 m) apartment, four bathrooms, five bathrooms in Manhattan with a large outdoor terrace were sold at auction for $ 8.2 million, about $ 2. million less than $ 10.43 million he paid in 2007.
Chapter 7 Forced bankruptcy
Sheila Gowan, the guardian who oversees the liquidation of a law firm, filed a Chapter 7 voluntary bankruptcy application for Dreier on January 26, 2009. The Wachovia Bank National Association and bankruptcy estate 360networks Inc also joined Gowan in a voluntary application as a creditor. All three say they owe about $ 88.5 million.
Fortress Investment Group LLC, managing private equity funds and hedge funds, lost $ 125.7 million by buying fake promissory notes issued by Solow Realty & Development Co.. Elliott Management Corp., a hedge-fund company lost $ 101.1 million. Eton Park Capital Management LP, lost $ 84.4 million; Perella Weinberg Partners, $ 46 million; Concordia Advisors LLC, $ 22.3 million; Novator, $ 20 million; and Meyer Ventures LLC, $ 13.4 million.
Dreier owed more than $ 40 million to various creditors, including many of the company's own lawyers. Chapter 7 Trustee Salvatore LaMonica, who was responsible for Dreier's bankruptcy case in a private liquidation process initiated by several creditors, was seeking permission for a bankruptcy court to hire an auctioneer to sell three Dreier properties, Upper East Side apartments and two neighboring states. property in Hamptons.
Unraveled , which included an interview with Dreier and his son while Dreier awaits the punishment, shown in the UK on BBC 4 on September 5, 2012 under the title " Thief $ 750 Million > ", as a one hour and 20 minute documentary on the BBC-TV series" Storyville ".
References
External links
- Marc Dreier, Cheats Mind, CBS, 60 Minutes , (October 4th, 2009)
- Fate of Marc Dreier's Destiny, Vanity Fair , (November 2009)
- Dreier pleads Guilty, Press Release, US Attorney, Southern District of New York, (May 11, 2009)
- Dreier, LLP Chapter 11 Bankruptcy Filing
- Dreier, Statement of LLP's Assets and Liabilities, Schedule E, F, G, H
- Dreier Amended Criminal Complaint, (March 17, 2009)
- SEC Civil Complaint, (December 8, 2008)
- Fortune Magazine , Marc Dreier's Profile, (March 31, 2009)
- "Lawyer Seems Fairly Courageous to Best Mock", New York Times (December 14, 2008)
- Updates to Dreier from AmLaw Daily
- Martha Graybow, "Dreier Law Firm in Turmoil After Founder Arrests", Reuters (December 10, 2008)
- Wall Street Journal , "Etoys Investors Claim Conflict at Law Firm" (July 25, 2005)
Source of the article : Wikipedia
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