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New York lawyer pleads guilty to huge fraud


Date: Tuesday, May 12, 2009
Author: MSNBC

Charges carry a potential prison term of 30 years to life in prison


A prominent Manhattan lawyer has pleaded guilty to defrauding hedge funds of more than $400 million.

Fifty-eight-year-old Marc Dreier on Monday pleaded guilty to conspiracy to commit securities and wire fraud, securities fraud, wire fraud and money laundering. The charges carry a potential prison term of 30 years to life in prison.

Dreier headed his own firm, Dreier LLP, with 250 attorneys.