Monday, 30 March 2015
Last updated 5 hours ago
Jan 30 2009 | 4:04am ET
Federal prosecutors have added to the bill of misdeeds allegedly perpetrated by Marc Dreier, the prominent New York lawyer accused of defrauding hedge funds and other investors of more than $400 million.
A new, seven-count indictment was made public yesterday in Manhattan federal court. Dreier is now charged with embezzling client funds and selling fake promissory notes he claimed were issued by a Canadian pension plan, in addition to the initial charges, which alleged he sold phony notes purportedly issued by New York developer Sheldon Solow to a pair of hedge funds.
The indictment also offered new details of the alleged scam, saying it dates back to 2004. Dreier is accused of giving the buyers of the notes bogus financial statements, and that he along with others impersonated various officials as part of the scam. One of this fellow alleged actors, former broker Kosta Kovachev, was charged last month with impersonating the controller of a real estate firm.
Dreier has not yet formally entered a plea to the charges, but said in court paper filed Jan. 15 that he did not steal any money from the failed investments, but used them to repay hedge funds, cover expenses at his Park Avenue law firm and buy property.
Dreier was arrested last month in Toronto, where he faces charges of impersonating a lawyer for the Ontario Teachers’ Pension Plan at a meeting with Fortress Investment Group. He was arrested again up his return to the U.S., and remains in jail, unable to post a $20 million bond.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…