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Web Unravels Around Lawyer Held in Fraud
Allegedly duped victims of millions in tale of deception, bravado
By Clay Dillow
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Posted Dec 9, 08 12:11 PM CST
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(Newser)
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A bizarre case is unfolding around Marc Dreier, the Yale- and Harvard-educated Manhattan attorney arrested Sunday for his alleged involvement in a fraudulent scheme to sell hundreds of millions in forged, phony debt. Investigators contend his scams were nothing more than brazen confidence games in which he leveraged his position, extensive wealth, and clout to swindle hedge funds hungry for deals, the New York Times reports.
Dreier, who helmed a 250-person Park Avenue law firm, talked his way into the conference rooms of accounting, real estate, and pension fund offices, where he allegedly sold forged promissory notes backed with faked financial statements. Dreier snared $100 million in one deal alone, and was reportedly working to acquire $33 million last week. But the case remains murky, with unanswered questions as to when the fraud started and how Dreier was able to deceive his high-profile colleagues.