SEC Charges Dreier with Fraud

WASHINGTON, DC - New York lawyer Marc Dreier has been arrested for a $380 million hedge fund fraud. The SEC claims Dreier sold fake promissory notes to a number of investment funds. It says he used fake financial statements and audit opinion letters and accomplices posing as advisers to fool fund managers.

Dreier has been denied bail, after being described by prosecutors as a "Houdini" character posing a serious flight risk. Former stockbroker Kosta Kovachev has also been charged as an accomplice, allegedly posing as an executive for a New York real estate developer, aiding in the sale of Dreier's false promissory notes.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here