This afternoon at a federal courthouse in midtown Manhattan,  disgraced attorney Marc Dreier is expected to enter a guilty plea for duping investors with fictitious notes.

His lawyer Gerald Shargel is feverishly working to keep him out as long as possible.

Starting with the December arrest of the former head of now defunct, 250-attorney Dreier LLP,  Shargel waged an extended battle with Assistant U.S. Attorney Jonathan Streeter to have his client released from pretrial detention, eventually prevailing when Southern District of New York Judge Jed S. Rakoff ruled Feb. 5 that Dreier could be confined to his apartment under guard pending resolution of the case.

“We’re going to have an issue about bail pending sentencing because the government is seeking to have him remanded and I’m trying to keep him out,” Shargel said Friday.\

At 5 p.m. today, “Dreier is expected to admit to every count in an indictment charging him with selling fictitious notes to at least 13 different funds and three individuals between 2004 and 2008: money laundering, conspiracy to commit securities and wire fraud, one substantive count of securities fraud and five substantive counts of wire fraud.”

The 58 year old former powerhouse faces 20 years in prison on each of the most serious charges against him. Shargel is going to fight to try and have him out while he is still alive.

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The allegations against Marc Dreier, the sole equity partner in Dreier LLP, were made public last month and there is not much new to report from the grand jury indictment but there are a couple new noteworthy details.

It was originally thought that Dreier started his scheme in 2006,  but the bogus securities that he sold to investment fund clients now date back as far as 2004. Also, he allegedly stole an undetermined amount of client cash by swiping it from escrow accounts. So after these new allegations, the total amount that Dreier is said to have pocketed is now over 400 million dollars.

Accompanying those 400 million dollars and the other millions he had made legally, Dreier’s assets are also to include priceless, classic pieces of work from artists such as Mark Rothko, Henri Matisse and Andy Warhol.

He does have one very recent piece, though — a 2006 high-definition video the noted New York photographer Robert Wilson took of actress Salma Hayek.

I wonder how much he paid for that.

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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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