Manhattan Lawyer Pleads Guilty to Hedge Fund Fraud

Marc Dreier, 59, has plead guilty to using fake documents and impersonations to defraud hedge funds out of about $400 million. Despite the objections of prosecutors, Dreier was allowed to remain free on bail until his July 13 sentencing.

Dreier had founded Dreier LLC, a law firm employing as many as 250. He also lived a lavish lifestyle including a personal yacht and tens of millions in artwork.

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