My friend Mark Astarita recently made two posts on his blogs over at SEClaw.com about the recent arrest and civil and criminal charges against attorney Marc Dreier. Dreier is an attorney and managing partner at Dreier LLP, reported to be a 250 attorney law firm with offices in several cities, including New York.
As Mr. Astarita puts it, the case is weird. I think he's right. This will be an interesting one to follow. Read his two posts, and you can click to see the unsealed DOJ affidavit and the SEC civil complaint. In a nutshell, Dreier allegedly sold about $113.5 million in bogus promissory notes purportedly issued by a real estate developer to two hedge funds. To carry out the scheme, he allegedly participated in the distribution of phony financial statements and audit opinions. Prior to his arrest in New York this week, he had been reportedly arrested in Canada charged with impersonating a Canadian pension official in connection with the scheme. Google his arrest and you'll find more on this story.
Mark's right. Just plain weird.
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