Dreier to Plead Guilty Today; Will He Return to Penthouse Apartment?
Lawyer Marc Dreier will plead guilty this afternoon to charges he sold $700 million in phony securities to investors, according to his lawyer, Gerald Shargel. Less certain is whether Dreier will return to his penthouse apartment where he has been living under armed guard.
Shargel told the New York Law Journal he believes he can persuade the court that Dreier is not a flight risk or a danger to the community. Shargel also hopes his 58-year-old client will receive a sentence that will allow him to get out of prison before the end of his life, the story says.
Dreier is expected to plead guilty to eight counts, including money laundering, conspiracy to commit securities and wire fraud, securities fraud and wire fraud. He faces a sentence of up to 20 years in prison for each of the most serious charges, the story says.
Dreier is accused of using the fictitious notes to help fund a lavish lifestyle as well as his Dreier law firm. His complex scheme of deception included special phone lines and e-mail addresses, forged financial documentation and even impersonation, according to the allegations.
