Lawyer Marc Dreier who pled guilty to several multi-million dollar scams to fleece hedge funds is now ex-lawyer Marc Dreier. He was disbarred last month. To read about it, go to Matter of Dreier.
And as it also turns out, Dreier took down another lawyer, Robert L. Miller, who like Dreier was also once with the US Securities and Exchange Commission. Miller’s troubles began when he agreed to help Dreier take down an Icelandic hedge fund for $44.7 million dollars. Miller’s role? It was to impersonate a representative of a Canadian pension plan. Dreier paid Miller $100,000 for the performance.
Doubtless the New York Bar will be looking to pull Miller’s ticket next.
Last, I have to correct myself on my last post. While it’s still true that Dreier is convicted and is currently serving 20 years for defrauding hedge funds. In stating how much Dreier defrauded, I left out a zero in my previous blog post.
Marc ripped off the hedge funds out of more than $400 million. Hey, a zero makes a difference. Sorry about that, Marc.
If you’re still interested in all this high-powered lawyerly misbehavior, the best report on Marc Dreier’s nefariousness is last month’s excellent 60 Minutes report.