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Monday, November 9, 2009

Former NYC SEC Attorney Pleads Guilty in Dreier Scam

Attorney Pleads Guilty to Aiding in Marc Dreier's Fraud
The New York Law Journal by Mark Hamblett - November 10, 2009

A lawyer pleaded guilty this morning to impersonating representatives of both a hedge fund and a pension fund in order to assist attorney Marc Dreier in selling a phony promissory note. Robert L. Miller, a former enforcement lawyer with the Securities and Exchange Commission (SEC), said he helped Mr. Dreier, currently in prison for 20 years, pitch a $44.7 million note to two investment funds. "In summary, I agreed with Marc Dreier that I would make misrepresentations to two hedge funds to induce them to buy notes," Mr. Miller told Southern District Magistrate Judge Ronald L. Ellis. "I knew that what I was doing was wrong and I deeply regret what I did." Mr. Miller, 52, said he was paid $100,000 for two phone sessions in which he impersonated a representative of a Canadian pension fund and then a representative of a hedge fund, and claimed he was heavily coached by Mr. Dreier on what to say.

Mr. Miller pleaded guilty to conspiracy to commit securities fraud and securities fraud pursuant to a plea agreement and is cooperating with Assistant U.S. Attorney Jonathan R. Streeter in the hopes of getting a break when he is sentenced by Judge Kimba Wood. Mr. Miller declined to speak after leaving the magistrate judge's court with his attorney, Jacob Laufer. "He's made a mistake," Mr. Laufer said. "He's confronting the consequences of it. He's a decent man." Mr. Miller, a resident of Englewood, N.J., was with the SEC between 1983 and 1986. According to the cooperation agreement, he and Mr. Dreier managed an investment fund together from 1999 to 2008. Mr. Dreier, the sole equity partner in Dreier LLP, pleaded guilty to selling more than $700 million in bogus real estate and pension plan notes to investors. Mr. Miller became the third person to plead in the Dreier case.

Like Mr. Miller, Dreier ally Kosta Kovachev did some impersonation as part of Mr. Dreier's scheme to defraud hedge funds of hundreds of millions of dollars. Mr. Kovachev pleaded guilty Nov. 2 to conspiracy to commit securities fraud for pretending to be chief executive officer of Solow Realty & Development Co.—once Mr. Dreier's biggest client, and the company whose identity he hijacked to sell fictitious notes to gullible hedge funds. Mr. Kovachev also posed as an accountant for the company on another occasion. Mr. Dreier on May 11 pleaded to one count of conspiracy to commit securities fraud and wire fraud, one count of money laundering, one count of securities fraud and five counts of wire fraud. Mr. Laufer said Mr. Miller is currently unemployed. His name does not appear on the roster of the now-defunct firm Dreier LLP, which declared bankruptcy on Dec. 16, 2008, just weeks after Mr. Dreier surrendered to authorities. Mr. Laufer declined to comment on what, if any role, Mr. Miller may have played at the firm. Mr. Miller is scheduled to appear before Judge Wood on Feb. 5. No date has been set for sentencing. Assistant U.S. Attorney Anna Arreola is also handling the prosecution. Mark Hamblett can be reached at mhamblett@alm.com.

13 comments:

Anonymous said...

And where is shifty Senator Charlie Schumer in all of this? Right in the middle. Watch, Chucky's going down.

Anonymous said...

I can't believe this story. These are attorneys? These are people who worked for oversight agencies? What the hell is going on?

Anonymous said...

So, did this jackass learn to cheat in law school or at the SEC ?

Anonymous said...

Is this guy one of the Jackasses that Bernie Madoff paid off? These guys are all For Sale and Rent! Go to Jail and don't stop until you get there!

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Anonymous said...

they probably were watching
Catch Me If You Can and decidied why not, I could always work for the FEDS!

Eliot Bernstein said...

Madoff, as in Made Off with the monies. Perhaps Made-Up is more fitting. These Ponzi's (Madoff, Dreier and Stanford) seem more made up then real, the victims are the perpetrators, the judges and attorneys are all in conflict, especially with Iviewit, ie Proskauer, Dreier and Meltzer are tentacle to each. Perhaps these Made Up Ponzi’s are perhaps the very real money laundering operations of the criminal law firms, criminal rico money laundering activities using the courts to perfect the scheme through further frauds on the courts. If Bernie Madeup lost 50 Billion, where did it go? How many Cheeseburgers can one eat is the answer, ask Steven C. Krane. So where are the 49 Billion of assets and monies??? A magic trick of sorts using the courts and dirty judges and conflicted lawyers to attempt to hide the salami.
Now that the law is closing in, they have to try and make the money disappear, so don't be fooled by Made Off trying to Make Up more tomfoolery in the Courts here but keep those fingerprints coming.
Unusually, fingerprinting NOT free @ www.iviewit.tv cost = 1 soul
Bat Out of Hell

www.iviewit.tv
iviewit@iviewit.tv
Eliot Bernstein
Mad Inventor

Anonymous said...

This lawyer should be disbarred NOW! The law schools are turning out thousands of these idiots.

Anonymous said...

I think he may be right, the money may have never been there, they call it a derivative, just like the shell game overseas,
time will tell, but we may be in for more than we know, maybe it is better if we do not know!

Jail4Lawyers&Judges said...

Bad Lawyers should go to Jail NOW! Followed by Bad Judges!!!

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