A Federal Judge determined the jailed New York Top Law Firm founder to be an enormous flight risk, and declared that he must remain in prison while he fights charges that he swindled hedge funds, amounting to over $380 Million dollars.
“Dreier, 58, was arrested on Dec. 7 on U.S. charges that he persuaded two unidentified hedge funds to give him more than $100 million by claiming, falsely, that he was selling at a discount notes issued by New York developer Shelodn Solow. He was arrested after returning to New York from Toronto, where he had been briefly jailed for impersonating a lawyer at the Ontario Teachers Pension Plan.”
At today’s hearing, an assistant U.S. attorney said that “mountains” of new evidence reveal losses to hedge funds and “very sophisticated investors” that total $380 million.
“He is the Houdini of impersonation and false documents,” said the U.S. attorney “Mr. Dreier is in a desperate situation, and the only way out of the desperate situation is to flee.”
“There is no risk of flight here,” Dreiers attorney said “His assets are frozen, he has no travel documents, he has no foreign roots.”
Since his arrest, Dreier has been in isolation in a Manhattan federal prison cell. The U.S. attorney said prison officials had to check into whether Drier belonged to a gang. The defense lawyer asked the judge to order Dreier transferred into the general prison population.
Apparently when he was on the outside, Dreier was somewhat of a playboy. He had a pattern of dating Maxim models. If he goes away for good, at least he has those sweet memories to cuddle up with.
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