Here comes a lawyer to the rescue. Prominant lawyer arrested for massive hedge fund swindle.
We earned our title as lowest of the low through centuries of hard work and no slimy Wall Street denizen is going to wrest that from us!
In brazen and carefully choreographed scams here and in Canada, Mr. Dreier, who in 1996 founded a 250-lawyer firm that bears his name, is said to have tried to take advantage of the current financial crisis by selling phony debt to hungry hedge funds looking for deals.
But in an era when high-tech frauds and inside information seem to dominate the world of white-collar crime, the square-jawed lawyer, known for his forceful personality and his penchant for high living, apparently did it the old-fashioned way.
Using little more than his position, poise and a kind of reckless bravado, he cajoled his way into accounting, real estate and pension fund offices where he had no real business, according to a criminal complaint unsealed on Monday.
Once there, seated in conference rooms that lent credibility to his charade, he peddled forged promissory notes — utterly worthless paper — linked in some way to his unwitting hosts, the complaint said. He backed up his claims with phony financial statements and bogus audit opinions from a reputable accounting firm, correspondence on the stationery of the New York real estate developer who supposedly issued the debt, and the help of a few confederates, the government said in court papers.
With these tools and little more, he allegedly took hedge fund executives for $100 million in one instance alone, money that the authorities say remains unaccounted for.
Mr. Dreier, 58, is charged with stealing $113 million since October, according to the complaint, although the case is continuing and a spokesman for the acting United States attorney in Manhattan, Lev. L. Dassin, whose office investigated the matter, would not say whether other alleged frauds are under scrutiny.
It probably goes without saying that the Governor of Illinois is also a lawyer.