News & Politics

Fraudster-Lawyer Dreier to Plead Guilty

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Marc Dreier, the fraudster-lawyer who impersonated officers of other companies in a scheme to defraud suckers of $700 million, will plead guilty next month to conspiracy, securities fraud, money laundering and five counts of wire fraud. Dreier got nabbed back in December in Toronto when the person he was pretending to be at a pension fund meeting — the fund’s lawyer, Michael Padfield — walked into the room. Investigators later found out Dreier had been working such scams — sometimes with a masquerading accomplice — for months, peddling hundreds of millions of dollars’ worth of worthless promissory notes. Dreier was a legal superstar who ran his own high-profile law firm, which has collapsed, and owns a triplex apartment on the East Side and a beach house in Southampton, neither of which he will see for a good long time.

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