NYC lawyer accused of $380M scam argues for bail
Legal News Center
A prominent lawyer accused of cheating hedge funds in a $380 million investment ruse argued to be freed on bail Thursday, saying in court documents he's no risk to flee because his U.S. ties are strong and his foreign connections are weak.
Marc Dreier said all his relatives live in the U.S. and only a few of his business associates or friends live abroad.
Dreier, 58, has been jailed without bail since he was arrested in early December as he returned from Canada. He could face up to 20 years in prison if convicted.
Dreier's lawyers have proposed that he be released on $10 million bond, secured by the signatures of his son and mother, and kept under house arrest with electronic monitoring and armed security guards approved by the government. He would be denied computer access and have only preapproved visitors.
The conditions would be similar to those of Bernard Madoff, who has confessed to losing up to $50 billion in a giant Ponzi scheme and is holed up at his multimillion-dollar penthouse.
Dreier, who led a law firm with more than 200 lawyers before his arrest, told a magistrate judge who will consider the bail issue that he no longer controls any money or assets in the United States or abroad.
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