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Tuesday, April 28, 2009

'Officer of the Court' Marc Dreier to Plead Guilty

Dreier to Plead Guilty at May 11 Appearance, Attorney Says
The New York Law Journal by Mark Hamblett - April 28, 2009

Marc S. Dreier intends to plead guilty on May 11 to every count in the indictment charging him with stealing hundreds of millions of dollars from hedge funds and individuals, his attorney said yesterday.  Defense attorney Gerald L. Shargel told Southern District Judge Jed S. Rakoff that his client will plead to one count of conspiracy to commit securities fraud and wire fraud, one count of securities fraud, five counts of wire fraud and one count of money laundering. Each count carries a potential sentence of 20 years in prison except for the conspiracy count, which carries a five-year term.  Judge Rakoff denied without prejudice a motion by Mr. Shargel to dismiss the securities fraud count and a portion of the conspiracy count dealing with securities. Mr. Shargel said there was a legal argument to be made on whether the phony promissory notes sold by Mr. Dreier were, in fact, securities. Southern District Assistant U.S. Attorney Jonathan Streeter told the judge he had more than enough ammunition to show that they were in fact securities and that the list of people Mr. Dreier was trying to sell the notes to was far larger than indicated in the indictment and included unsophisticated investors.  "The defendant actually held parties at which he pitched the notes," Mr. Streeter said, adding that he spoke to one investor who gave Mr. Dreier $1 million "and he didn't even actually understand who the issuer was."

Mr. Dreier, the founder and sole equity partner of the now defunct 250-attorney Dreier LLP, had been widely expected to plead guilty to some or all of the charges he faces in connection with a scheme in which he peddled more than $700 million in phony real estate and pension fund notes. To keep his scheme going, he paid back approximately $300 million to people who bought the bogus notes. He is charged with 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.  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 Fund who was pitching pension fund notes to a hedge fund. He has been free on bail but confined to his midtown apartment since Feb. 13.  Mr. Dreier, who was present at yesterday's hearing, is effectively asking for the mercy of the court in deciding to plead guilty. Asked after the hearing why Mr. Dreier wanted to plead guilty instead of going to trial, Mr. Shargel said, "He wants to end it because he accepts responsibility for what he did." Mr. Shargel also said Mr. Dreier has accomplished much in his life, but he "simply went off the tracks . . . I'm sure no one will ever know why he did what he did."

6 comments:

retired brooklyn esq said...

This attorney is a fine example of what happens when lawyers are not held accountable.

me said...

Boy that's the understatement

Anonymous said...

PRAISE THE LORD!!!!!!!!!!!!

Eliot Bernstein . Bat out of Hell / Patentgate said...

One word says why Marc did it. Iviewit. You know the related case to Whistleblower Anderson now going to trial. Fire in the hole, Dreier is a named defendant in the Iviewit complaint.
Marc pleading guilty to the court is one thing, pleading for your soul will be wholly another.
Your friend,
Bat Out of Hell
Eliot Bernstein
Inventor
Iviewit Technologies
www.iviewit.tv
iviewit@iviewit.tv

Marc - A word to the guilty, the tools for Seppuku (切腹 always free @ www.iviewit.tv

Eliot Bernstein said...

Oh yeah, as stated before on the blog all roads of corruption lead to Iviewit.
MADOFF + STANFORD = 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. United States Court of Appeals for the Second Circuit Docket 08-4873-cv - Bernstein v Appellate Division 1st Dept Disc Committee - TRILLION DOLLAR LAWSUIT Cases @ USDC - SDNY (07cv09599) Anderson v The State of New York - WHISTLEBLOWER LAWSUIT (07cv11196) Bernstein, et al. v Appellate Division 1st Dept Disc Committee

and

MADOFF + STANFORD + DREIER + SATYAM + FISERV + ALBERT HU = PROSKAUER ROSE & FOLEY & LARDNER Foley & Lardner partner Patricia J. Lane represented FISERV, sue Foley. Investors who have been burned in these scams should start to seek redress from the lawyers who were involved with these scams. I personally have been trying to notify regulators and authorities of a ONE TRILLION DOLLAR scam that is putting states like New York and Florida at huge risk, as well as, companies like Intel, Lockheed, SGI and IBM. The states and companies involved in the fraud fail to acknowledge the risk exposing shareholders and citizens to impending liabilities. Investigators, courts and federal agents ignoring the crimes and evidence, including a car-bombing attempt on my life. I know how Harry Markopolos felt trying to expose Madoff in a world without regulation. Did I hear Proskauer Rose is involved in Madoff (involved many clients too), 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, if they directed you to Madoff sue them. 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

posted Apr 05, 2009 at 11:00:07

and finally, just saw Proskauer now being accused of stealing art from billionaire and other crimes. things are just falling apart all over in Tammany II.

a fly on the wall said...

Marc baby, Say it isn't so. The buzz is that you are talking to save your sorry pitiful ass. Who are you going to rat out first kiddo.

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See Video of Senator John L. Sampson's 1st Hearing on Court 'Ethics' Corruption

The first hearing, held in Albany on June 8, 2009 hearing is on two videos:


               Video of 1st Hearing on Court 'Ethics' Corruption
               The June 8, 2009 hearing is on two videos:
         
               CLICK HERE TO SEE Part 1
               CLICK HERE TO SEE Part 2