Dreier Seeks Assets to Pay Defense Costs

Dreier Seeks Assets to Pay Defense Costs - 1/9/2009

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Dreier Seeks Assets to Pay Defense Costs
Mark Hamblett

Law.com. January 9, 2009
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EXCERPT: Jailed attorney Marc S. Dreier is seeking an exception to a freeze on his assets that will leave him enough money to pay the costs of his defense in what the government says is a $380 million fraud case. Defense lawyer Gerald Shargel has requested a hearing to argue for an exception to the freeze that Southern District Judge Miriam Goldman Cedarbaum granted in December to the Securities and Exchange Commission in a related civil case, SEC v. Marc Dreier, 08 civ 10617. Dreier has been held without bail since Dec. 7, when he was arrested at John F. Kennedy International Airport after returning from Toronto, where he had been arrested the previous week for impersonation. Charged with securities and wire fraud, the only equity partner of the now-shattered 250-member Dreier LLP is accused of hijacking the identity of New York City development company Solow Realty to sell fictitious promissory notes to hedge funds in New York City and Connecticut. As part of Dreier's scheme, prosecutors say, he enlisted former broker Kosta Kovachev to impersonate Solow's comptroller. Kovachev has been charged with a single count of conspiracy to commit wire fraud. Shargel's efforts have focused on gathering the evidence to convince Magistrate Judge Douglas Eaton that his client does not pose a flight risk and should be released from the Metropolitan Correctional Center until his trial. Shargel said in an interview Thursday he expects to make a renewed bail application in United States v. Marc Dreier, 08 Mag 2676, within the week. The defense lawyer said his client is cooperating with the receiver appointed by Cedarbaum in the SEC case, Mark Pomerantz of Paul Weiss Rifkind Wharton & Garrison.

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