Remember Marc Dreier as we all struggle through this horrendous recession. He says he got sucked into ripping off his partners and clients because of escalating money pressures, a sense of underachievement and a bad divorce. It’s a real drag what those houses in the Hamptons will do to the old bottom line. http://blogs.wsj.com/law/2009/07/13/breaking-marc-dreier-sentenced-to-20-years-in-prison/
Anyway, Dreier’s firm always sounded like a Ponzi scheme, to tell the truth. Lawyers who interviewed there had perks and money thrown at them with promises they could “just practice law” because Dreier would handle all the management. Ummmm, OK. Sure.
Dreier told the court he started stealing in 2002, first from settlement proceeds due a client, then through bogus investments. Before long, he was arranging fictitious loans from hedge funds, ostensibly to his principal client. Hey, if you’re going to screw your partners, why not your clients too?
Prosecutors had asked for 145 years, while Dreier sought no more than 12 1/2 years.