Dreier Gets 20 Years for 'Betrayal of Trust'

Dreier Gets 20 Years for 'Betrayal of Trust' - 7-14-2009 , Class Action News, Class Action, Securities News, shareholder class action, claim, litigation, securities action, common stock'>

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Dreier Gets 20 Years for 'Betrayal of Trust'
Mark Hamblett

New York Law Journal. July 14, 2009
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EXCERPT: Seven months after he was arrested for defrauding investors of hundreds of millions of dollars and stealing from clients, disgraced attorney Marc S. Dreier was ordered to serve 20 years in prison Monday. "At this point all I can do is express my shame and remorse," Dreier told Southern District of New York Judge Jed S. Rakoff. "I'm sorry to all the people I stole from. I'm sorry to the clients I betrayed. I'm sorry to the lawyers at my law firm for dishonoring their profession." Rakoff rejected an initial request by Assistant U.S. Attorney Jonathan R. Streeter for 145 years in prison as well as Streeter's fall-back request for 30 years in prison, which would be the equivalent of a life sentence for the 59-year-old former head of Dreier LLP. Read "Law Firm and Personal Bankruptcies Continue" and "Key Dates in the Case of Marc S. Dreier." But the part of Streeter's argument that resonated with the judge, and worked in part on his refusal to grant the request of defense attorney Gerald L. Shargel for a sentence in the 10-to-12 year range, was Dreier's abuse of trust. "The real heart of these crimes, the most appalling fact is the betrayal of trust," Judge Rakoff said. "Mr. Dreier betrayed the trust of investors," colleagues, clients, friends and "to some extent even betrayed the trust of his family. This goes beyond the fact that he did this in part cloaked in the aura of a lawyer." Dreier pleaded guilty May 11 to one count of conspiracy to commit securities fraud and wire fraud, one count of money laundering, one count of securities fraud and five counts of wire fraud.

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