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Wednesday, March 18, 2009

Another Proud Day for New York Lawyers

Disgraced NY Firm Leader Now Charged With Stealing $700 Million as New Victims Come Forth
The New York Law Journal by Mark Hamblett - March 18, 2009

Indicted attorney Marc S. Dreier sold more than $700 million in phony real estate development notes and fake pension plan notes during his four-year scam, according to a superceding indictment released yesterday. The new indictment, which adds a count of money laundering, also alleges a greater number of victims than initially thought. It accuses Mr. Dreier of selling notes to at least 13 different funds and three individuals between 2004 and 2008, with the purchase price wired to an attorney trust fund maintained by his firm. The overall loss to investors in Mr. Dreier's schemes remains roughly $400 million, but the realization that he sold as much as $700 million in bogus notes allowed the government to increase the amount it is now seeking in forfeiture.

In addition to the new money laundering charge, the former sole equity partner in the now defunct 250-member Dreier LLP faces charges of conspiracy to commit securities fraud and wire fraud, one substantive count of securities fraud and five substantive counts of wire fraud. The superceding indictment sheds some new light on the scope of Mr. Dreier's efforts. The money laundering count covers transfers he allegedly made "into and out of various Dreier LLP bank accounts in order to promote fraud in the sale of securities and wire fraud." In addition to the 13 different funds and three individuals who are now alleged victims of his scams, the indictment states that Mr. Dreier "enlisted financial professionals to assist him in finding purchasers of the fictitious promissory notes and paid those individuals a percentage of the proceeds received." It also states that Mr. Dreier "attempted to sell the notes to numerous additional potential investors and funds."

Mr. Dreier also represented himself as the lawyer for the issuers or holders of the promissory notes. "In order to carry out the fraud and to lend credibility to these representations, Dreier directed purchasers of the notes to wire the purchase price into the attorney trust account held in the name of Dreier LLP," the indictment states. Mr. Dreier has been free on bail since Feb. 13 following a two-month bail fight by Assistant U.S. Attorney Jonathan Streeter and Gerald Shargel, Mr. Dreier's lawyer. Southern District Judge Jed S. Rakoff approved a bail package on Feb. 5 that allowed Mr. Dreier, 58, to put up a $10 million personal recognizance bond and to pay $70,000 for round-the-clock armed guards at his Manhattan apartment. Mr. Dreier was arrested on Dec. 7 upon his return from Toronto, where he had been taken into custody for pretending to be an executive with the Ontario Teachers' Pension Plan who was pitching pension plan notes to a hedge fund.

The incident in Canada occurred as Southern District investigators were closing in on Mr. Dreier for selling in excess of $200 million in phony developer notes to hedge funds in New York City and Connecticut. That estimate of the out-of-pocket-loss for the hedge funds was later increased to $400 million, The indictment alleges a conspiracy that stretches from 2004 through Mr. Dreier's arrest in December. One alleged confederate in the conspiracy, Kosta Kovachev, was arrested Dec. 23 for posing as the controller of the Solow Realty and Development Co., the company Mr. Dreier pretended was issuing promissory notes that offered a good deal for the hedge funds. Others yet to be named are mentioned in the indictment also played the role of impersonator to help Mr. Dreier pull off the sales. Mr. Shargel said yesterday that the superceding indictment has not changed his view of the case. "The money laundering charge was not unexpected," he said. "This has been raised in discussions with the U.S. attorney's office." Mr. Shargel and Mr. Dreier are scheduled to appear before Judge Rakoff for a status conference tomorrow at 10 a.m.

7 comments:

shameful said...

Marc should be ashamed of himself, only stealing less than a billion. He should hook up with Bernie in the can to get some helpful hints.

Eliot Bernstein said...

MADOFF + STANFORD + DREIER = PROSKAUER ROSE
Did I hear Proskauer Rose is involved in Madoff (involved many clients too) and acted as Allen Stanford's attorney. Investors who lost money in these scams should start looking at the law firm Proskauer's assets for recovery. First, Proskauer partner Gregg Mashberg claims Madoff is a financial 9/11 for their clients. Then, Proskauer partner Thomas Sjoblom former enforcement dude for SEC and Allen Stanford attorney, declares PARTY IS OVER to Stanford employees and advises them to PRAY, this two days before SEC hearings. Then at hearings he lies with Holt to SEC saying she only prepared with him but fails to mention Miami meeting at airport hanger. Then Sjoblom resigns after SEC begins investigation and sends note to SEC disaffirming all statements made by he and Proskauer, his butt on fire.

Proskauer Rose and Foley and Lardner are also in a TRILLION dollar FEDERAL LAWSUIT legally related to a WHISTLEBLOWER CASE also in FEDERAL COURT. Marc S. Dreier is also a defendant in the Federal Case.

The Trillion Dollar suit according to Judge Shira Scheindlin is one of PATENT THEFT, MURDER AND A CAR BOMBING. For graphics on the car bombing visit www.iviewit.tv.

The Federal Court cases

United States Court of Appeals for the Second Circuit Docket 08-4873-cv - Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al. - TRILLION DOLLAR LAWSUIT

Cases @ US District Court - Southern District NY

(07cv09599) Anderson v The State of New York, et al. - WHISTLEBLOWER LAWSUIT

(07cv11196) Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al.

(07cv11612) Esposito v The State of New York, et al.,

(08cv00526) Capogrosso v New York State Commission on Judicial Conduct, et al.,

(08cv02391) McKeown v The State of New York, et al.,

(08cv02852) Galison v The State of New York, et al.,

(08cv03305) Carvel v The State of New York, et al., and,

(08cv4053) Gizella Weisshaus v The State of New York, et al.

(08cv4438) Suzanne McCormick v The State of New York, et al.

Anonymous said...

Marc is a piker in comparison to Bernie Madoff. But how many more Marc's are out there? If there is a herd of Marc Deriers, Bernie would look like a piker. The watchers failed to do their job. Can't believe that everyone was asleep! NO, The rats paid people off.

Anonymous said...

Eliot Bernstein please be advised that there is one more case that you omitted namely - Peter Toline v The State of New York - sorry I don't have the numbers

galison said...

There will be a Public Hearing, held by the New York State Senate Judiciary Committee on the nomination process of the Chief Justice of New York State on Friday, March 20 at 10:00 AM at the Brooklyn Bar Association, 123 Remsen Street, Brooklyn New York. (inquiries: contact Senate Judiciary Counsel, Timothy Spotts: 518 455 2788)

Anonymous said...

Good man Galison, thanks for the heads up...How come the blog doesn't have this info featured?

No friend of Marc D said...

Hey Marc baby you always told everbody that you had big balls! I have heard that you are in a fetal position most of the time sucking your thumb! Say it isn't so Marc baby! When you get in a tough prison someone is going to knock you teeth out of your big mouth wise guy. No disrespect to wise guys.

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               Video of 1st Hearing on Court 'Ethics' Corruption
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