Feds Urge Judge to Reject Dreier's Second Bid for Bail

Feds Urge Judge to Reject Dreier's Second Bid for Bail - 1-22-2009 , Class Action News, Class Action, Securities News, shareholder class action, claim, litigation, securities action, common stock'>

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Feds Urge Judge to Reject Dreier's Second Bid for Bail
Noeleen G. Walder

http://www.law.com. January 22, 2009
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EXCERPT: Jailed attorney Marc S. Dreier, whose life has "completely unraveled" since his arrest last month, should remain behind bars since he has "little to lose by fleeing," the government wrote Wednesday in opposing the lawyer's second bid for bail. In a letter to Southern District Magistrate Judge Douglas F. Eaton, Assistant U.S. Attorney Jonathan R. Streeter argued that the same "resourcefulness" Dreier showed in pulling off a four-year scheme that "netted him hundreds of million of dollars" and "fooled some of the most sophisticated investors" could "easily be committed to fleeing and living abroad." The government's brief in United States v. Dreier, 08-mag-2676, was filed in anticipation of today's bail hearing and in response to papers submitted last week by defense attorney Gerald Shargel, in which he asked Magistrate Judge Eaton to release his client from the Metropolitan Correction Center. Dreier, 58, has been incarcerated there since his Dec. 7 arrest at John F. Kennedy International Airport. Dreier is charged with one count of securities fraud and another count of wire fraud. The sole equity partner of the now bankrupt Dreier LLP was arrested after returning to New York following his arrest in Toronto the week before for impersonation. Shargel, citing Dreier's "ongoing cooperation" with the court-appointed receiver in a related civil case brought by the Securities and Exchange Commission, SEC v. Dreier, 08-cv-10617, said his client should be released to his Manhattan residence, where he would be secured by electronic monitoring and watched around the clock by armed guards paid for by his sister and brother-in-law. The package proposed by Shargel also provides for a $10 million bond co-signed by Dreier's 19-year-old son, Spencer, and his 85-year-old mother, Mildred. However, the government Wednesday cautioned Eaton that "the defendant simply cannot ... be trusted" to stick to even the strictest of bail conditions.

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