NY Attorney Marc Dreier Pleads Guilty On Defrauding 700 Million

NY Attorney Marc Dreier Pleads Guilty On Defrauding 700 Million as he pleads guilty on Monday to charges of defrauding hedge funds of around $700 million, stated U.S. Attorney for the Southern District of New York.

Dreier, 58, pleaded guilty to conspiracy to commit securities and wire fraud, securities fraud, wire fraud and money laundering and being a big huge piece of dog poop for doing this to his trusting clients. OK…so the last part of that were my sentiments.

He is only facing a maximum prison time of 145 years, and must forfeit “…proceeds of the fraud offenses and property derived there from, including real estate, a yacht, and a number of works of art” according to an indictment filed against him in March of 2009.

New York Prosecutors allege that from 2004 to 2008, Dreier sold fake promissory notes and misappropriated client funds from his law firm.

NY Attorney Marc Dreier Pleads Guilty On Defrauding 700 Million and according to prosecutors, losses to Dreier’s clients and purchasers of the various fake notes exceeded $400 million, but all by his self, Dreier collected over $700 million in profits from the fake sales.

The Feds say that Dreier is the founder and managing partner of Dreier LLP, a law firm of more than 250 attorneys with offices in New York City, Los Angeles, and elsewhere in the country. Enabling him to fleece people from all over the country.

His sentencing is scheduled for July of 2009. Gerald Shargel, Dreier’s attorney, has no comment at this time. Do birds of a feather flock together?

For the full story on “NY Attorney Marc Dreier Pleads Guilty On Defrauding 700 Million, ” go to CNN News. It is no wonder that America finance is going in the crapper…with sub-humans like Schrenker, Maddoff and Dreier out there fleecing the American public.