The bad beats keep coming for Marc Dreier (Yale BA ’72, Harvard JD ’75). He flies up to Toronto for some shenanigans and ends up spending a few days in the clink. Then the reports start flying about a number of other shady deals in which he’s supposedly been involved. He’s promptly arrested upon his return to the States. Then the SEC piles on to recover $113 million of bogus securities he sold to some hedge funds.
Mark Pomerantz of Paul Weiss was appointed as receiver of Dreier’s eponymous firm (a sinking ship from which lawyers are jumping like, umm… rats). Of course, Dreier is in 24-hour lockdown, so Pomerantz can’t even get good access to him. But a kind magistrate is working on that. The most-recent news is that the magistrate and the Bureau of Prisons are going to have to work out a long-term arrangement, because Dreier has been denied bail because Magistrate Judge Eaton found that
the government’s evidence does appear to show an enormous risk of flight.
That ain’t good. Apparently, when you’re accused of stealing $380 million total, folks are worried that you might have stashed it away someplace beyond the long arm of the US (and Canadian) law.
Prior to founding his firm, Dreier spent time at Rosenman & Colin and Fulbright & Jaworski.
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