LA Affiliate of Troubled Dreier Law Firm Says It’s Still Open
A Los Angeles affiliate of the troubled Dreier law firm has announced it is still operating and cutting ties with Marc Dreier, the firm founder accused of a $100 million investment fraud.
Dreier, Stein, Kahan, Browne, Woods, George is an affiliate that shares resources with the Dreier law firm but is separately managed, the National Law Journal reports. Dreier Stein is one of four law firms and consulting companies in California with ties to Dreier. None are associated with alleged wrongdoing by Dreier founder Marc Dreier, accused in a federal indictment of attempting to defraud at least three hedge funds by selling phony promissory notes from a New York real estate developer.
“We are continuing to operate our Los Angeles law firm for the benefit of all our clients, while immediately discontinuing our relationship with Marc Dreier,” according to a statement issued by Dreier Stein.
Prominent lawyers in Dreier Stein include entertainment lawyer Larry Stein, corporate lawyer Robert Kahan and business litigator Eric George, according to the article.
The Securities and Exchange Commission, which filed a civil suit based on similar allegations against Marc Dreier, says in its complaint that wire payments sent to Dreier in a “brazen fraud” targeting investors ended up in “what appeared to be his law firm’s escrow account,” the NLJ story says.
