Marc Dreier Gets 20 Years Prison For Fraud – LEV L. DASSIN, the Acting United States Attorney for
the Southern District of New York, announced that MARC DREIER,
the former managing partner of the New York law firm Dreier LLP,
was sentenced today in Manhattan federal court to 20 years in
prison. DREIER pleaded guilty in May to one count of conspiracy
to commit securities and wire fraud; one count of securities
fraud; five counts of wire fraud; and one count of money
laundering. The sentence was imposed by United States District

According to the superseding Indictment as well as
sentencing submissions and other publicly filed documents in this
DREIER was the founder and managing partner of Dreier
LLP, a law firm which, along with its affiliates, employed more
than 270 attorneys. DREIER LLP had its principal office in New
York City and additional offices in Los Angeles and elsewhere in
the country. From approximately 2002 through December 2008,
DREIER conspired to engage in securities and wire fraud involving
the sale of fake promissory notes purportedly issued by a New
York real estate developer, a Canadian pension plan and a
Canadian company; and the embezzlement of Dreier LLP client

During the course of the scheme, DREIER collected more
than $700 million through the sale of the fake promissory notes,
a portion of the principal and interest of which he paid, and
misappropriated more than $46 million in client funds. The total
out-of-pocket losses suffered by purchasers of the various fake
notes and by law firm clients whose funds were embezzled was
approximately $400 million.
In sentencing DREIER, Judge RAKOFF stated: “When you
turn to the facts of the crime that Mr. Dreier committed, one
must be appalled.” As part of his sentence, DREIER was ordered
to pay $387,675,303.32 in restitution and to forfeit $746,460,000
in proceeds of his offenses, including real estate, vehicles,
bank accounts and a number of works of art specified in the
superseding Indictment to which he pleaded guilty.
In addition to the 20 years in prison, Judge RAKOFF
sentenced DREIER to three years of supervised release. DREIER,
59, was immediately remanded to the custody of the Bureau of
Prisons upon sentencing.
Mr. DASSIN praised the work of the Criminal
Investigators of the United States Attorney’s Office and thanked
the United States Securities and Exchange Commission for its
assistance in the case.
Assistant United States Attorneys JONATHAN R. STREETER,
SHARON COHEN LEVIN and ANNA ARREOLA are in charge of the
09-212 ###

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