Prominent NY lawyer jailed 20 years in US$400m fraud


NEW YORK: A judge has sentenced a once prominent Manhattan attorney to 20 years in prison in a securities fraud that cost hedge funds and other large investors $400 million.

Marc Dreier was sentenced Monday after pleading guilty in May to using the scheme to try to keep his Park Avenue law firm afloat and bankroll a lavish lifestyle.

Defense attorneys argued that between 10 and 12{ years in prison would be fair punishment for the 59-year-old Dreier.

Prosecutors wanted U.S. District Judge Jed Rakoff to give him 145 years - only five fewer than notorious swindler Bernard Madoff.

Dreier ran a law firm with nearly 250 attorneys and a client list that included retired New York Giants football star Michael Strahan and former News Corp. publishing executive Judith Regan. - AP

Latest business news from AP-Wire

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Next In Business News

Singtel reviewing digital businesses after $907 million hit
Japanese blockchain company plans to make Malaysia regional hub
Top Glove reiterates commitment to work closely with US CBP to resolve WRO, finding
Asian stocks rebound as Fed officials calm inflation fears
Canadian National beats Canadian Pacific with $33.6 billion Kansas City rail bid
FOREX-Dollar rally pauses as investors take stock of inflation anxiety
Jack Ma’s Ant Posted $3.4 Billion Profit After IPO Halt Lulu Yilun Chen
US judge dismisses advertisers' antitrust claims against Google
Bitcoin drops after report Binance under US probe, Tesla move
Euro zone growth outlook still modest, inflation to lag US

Stories You'll Enjoy


Vouchers