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$400M Ponzi Lawyer Gets 20 Years

By Rob Quinn, Newser Staff

Posted Jul 14, 2009 1:42 AM CDT

(Newser) – A high-flying New York lawyer who orchestrated a Ponzi scheme to fund his lavish lifestyle has been sentenced to 20 years in jail, the New York Times reports. Marc Dreier pleaded guilty to charges including conspiracy and securities fraud relating to the scam, which bilked hedge funds and other investors of some $400 million. Prosecutors had asked for a sentence of 145 years, just 5 years short of the 150 years Bernard Madoff was slapped with.

"Mr. Dreier is not going to get much sympathy from this court,” the judge said. "But he is not Mr. Madoff from any analysis, and that’s why I can’t understand why the government is asking for 145 years.”

[Images (3)]

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Marc Dreier arrives at Manhattan federal court in New York in May, when he pleaded guilty to all charges against him. (AP Photo/ Louis Lanzano, file)

Marc Dreier arrives at Manhattan federal court for his sentencing yesterday. Dreier was jailed for 20 years, beginning immediately. (AP Photo/ Louis Lanzano)

Marc Dreier arrives at Manhattan federal court for his sentencing in New York yesterday. (AP Photo/ Louis Lanzano)

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I can’t remember or imagine why I didn’t stop myself. It all seems so obviously deplorable now. I recall only that I was desperate for some measure of the success that I felt had eluded me. - Marc Dreier, in a letter to the judge

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COMMENTS

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Showing 3 of 5 comments

cmenthead

Jul 15, 2009 12:03 PM CDT

a lawyer, an officer of the court, a thief !! just as bad as madoff. i hope his new 300 pound cell mate, named peaches, shows him what 20 years hard-time really means.

gabo

Jul 14, 2009 12:01 PM CDT

After stealing people's money to be able to afford to wear the right clothes, drive the right car and be at the right places, now you have twenty years to always be at the right place at the right time. Enjoy your stay.

wwwonderer

Jul 14, 2009 4:08 AM CDT

Although i haven't read the article, I don't it's fair to say ALL these people were foolish or greedy. While I'm sure there are MANY that fall in to that category, you have to imagine the people that were honest customers, with honest lives, just looking for something.

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New York Times (Source Grid »)

Crime & Courts • Money

fraud • sentencing • Ponzi scheme • securities fraud • defrauding investors • Bernard Madoff • Marc Dreier • prison sentence

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