Monday, 22 December 2014
Last updated 11 min ago
Feb 9 2009 | 1:09am ET
Disgraced lawyer Marc Dreier could join his fellow accused hedge fund defrauder Bernard Madoff in the world’s most upscale prison—the Upper East Side of Manhattan—this week.
A federal judge last week cut Dreier’s bail in half—to $10 million—and set some Madoff-like restrictions, should he be able to come up with the bond. In fact, some of the conditions imposed on Dreier, accused of ripping hedge funds and other investors off to the tune of more than $400 million, are even more draconian than those placed on Madoff.
U.S. District Judge Jed Rakoff said that Dreier will be barred from leaving his apartment without the court’s permission. That apartment will have to have a security guard posted in front of it, á la Madoff. But Dreier, who will also have to wear an electronic monitoring device, will not have the freedom of association enjoyed by the accused $50 billion Ponzi schemer. His apartment will have to have all communication lines removed save for a landline phone, and any visitors he wishes to entertain must be approved by authorities. What’s more, his landline can’t feature any modern amenities, with Rakoff banning call forwarding, modems, caller ID and call waiting.
Dreier’s attorney said he expects his client to be released early this week. His $10 million bond must be signed by his mother and son.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.