L’Affaire Dreier: A linkwrap, and a tidbit
Apologies, readers. Although we broke the story of high-profile lawyer Marc Dreier’s arrest in Canada, we’ve fallen behind in covering the latest developments in the Dreier saga (of which there have been many). Fortunately, our friends over at Am Law Daily and the WSJ Law Blog have been following the story quite closely.
We’ve collected some links at the end of this post. The highlights:
- A summary of recent developments, from the WSJ Law Blog: “Dreier appeared to get hit from all sides: a criminal charge in New York stemming from an alleged $100 million fraud against various hedge funds; an SEC suit alleging Dreier had been marketing and selling fake promissory notes to investors; and a suit by Wachovia Bank against Dreier, Dreier LLP (and a handful of others), alleging that a credit revolver and term loan extended to the firm are in default, as of November 1, upon which the bank is owed some $12.7 million.”
- The latest news, from Am Law Daily: “[I]t appears very likely that client funds are indeed missing, according to a sworn statement (PDF) that Dreier partner Joel Chernov gave the SEC…. In the statement, Chernov said Dreier spoke to him and fellow Dreier partner Steven Gursky from a Toronto jail after his arrest there for impersonating a lawyer in an attempt to scam an investment group into wiring him more than $30 million. In those conversations, Chernov told the SEC, Dreier admitted improperly using client funds. Dreier also said that he could have refilled the escrow accounts if only he could return to New York. How? Apparently by selling part of an art collection valued at between $30 and $40 million, according to a separate statement (PDF) from John Provenzano, the firm’s Controller.”
“In his statement, Provenzano claimed Dreier called him twice from the Toronto jail asking him in separate requests to wire $8 million and $10 million from the firm’s escrow accounts into Dreier’s personal accounts. Provenzano (wisely) refused. He also told Dreier the firm owed clients $38 million in connection with its representation of 360Networks. That’s when Dreier mentioned the money he could make selling his art.”
Fine art — no surprises there. As noted, Marc Dreier has a taste for the finer things in life (like luxury real estate).And that’s not all. A source tells us that Dreier is something of a playboy, with a pattern and practice of dating Maxim models (yes, plural). And “not ‘Maxim-quality’ models,” emphasized our source, “but actual Maxim models.”
If Marc Dreier ends up in prison, at least he’ll have nice memories to keep him warm at night.
Filings Describe “Devastating Effect” on Dreier LLP [WSJ Law Blog]
Client Funds Missing, Details on Dreier’s Art Collection, Attorneys Fleeing [Am Law Daily]
Dreier Faces More Allegations [Wall Street Journal (subscription)]
The Death of the Dreier Model [Am Law Daily]
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Comments
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FIRST.
First to call BS... lawyers don't make the money or have the power/prestige necessary to get Maxium models.
First to second second.
Wow. My second first in as many days. I'm on a roll. Suck it #2!!
-- 1
If you have $100 million, you can get Maxim models.
Number 2: You are a stupid human being. Please kill yourself immediately (after killing your offspring--though it is highly unlikely you could procreate--of course).
2: What's a Maxium model?
Maxim models? I am unimpressed.
Playboy models, now that would be impressive.
Terrific title, Lat.
- Anti-Dreiersard.
discussing models is useless without pictures.
You need money to date a model? The only currency I use to date models is the color of prestige.
see kids, this is what models and bottles with get you!!!
actually I was first 4
- The REAL 1
Client escrow funds and checks from hedgies buy an awful lot of models.
And people wondered how Drier lived like a billionaire.
From the Amlaw piece yesteday "An aggressive client could claim, for instance, that a Dreier associate should have done a better job tracking the client's payments, Keyko and others say. "
So in addition to being totally screwed and out of a job they can be sued as well for not stopping what Drier did. Glad I did not work there and thankful I still have a job.
11, have you tried a rag doused with chloroform? I find that works well too.
The only currency I need to date Maxim and Playboy models is a big schlong
Eventually, all good things must come to an end. You had a good run Dreier, but NO MORE SOUP FOR YOU!
This town needs an enema.
Who is ROD PAMPERS?
Sweet, some old lawyers can actually get Maxim models?
*redoubles studying efforts for finals*
The only posters that are bigger douche bags than the first poster saying "first" are the subsequent posters saying "first." You guys are idiots.
21, except . . . you have to be an OLD lawyer
I'm Denny Crane.
And Candidate 5 is ... Jessie Jr.? Where's our story??
Agreed, 22. If you have time to check the internet constantly to see if you can be "number one," you have too much effing time (especially "in as much as two days in a row.")
No. 23
Hmm... well then, I guess this event is off now?
http://www.dreierllp.com/uploads/3264Dreier_StreetWise_PressRelease_12_1_08.pdf
And I wonder if Dreier had a copy of this for bedtime reading over the weekend in the slammer...
http://www.dreierllp.com/uploads/9332Farrell_BookPressRelease_Final_11_12_08.pdf
Ah yes, trolling the soon-to-be defunct websites of soon-to-be defunct firms is fun.
27! Fuck, yeah!
How many Maxim models are in that "plural" number?
Count Layoffula, we need your expert knowledge!
Was it "ONE! TWO! TWO Maxim models. AH! AH! AH!" or did Dreier do the "AH! AH! AH! AH! AH!" with an even larger quantity of size zeros?
can someone point me to the post that explains what an affiliate of Dreier LLP is?
Of 30 schmucks, only one reference to the Dreyfus Affair? And you call yourselves educated!
Yes, I am 9.
Humm. It is interesting that while Elie is reporting on firms that are letting people go and the sizes of the large bonuses those who are staying are getting, poor Lat has to come back in and apologize for ATL having dropped the ball on Dreier.
This should be a great spectacle: the salaries-guaranteed (by Dreier) "partners" of Dreier LLP explaining why they are not liable to the clients whose funds he pilfered and spent on art and Maxim models. "Mr. Dreier was the only equity partner in the LLP ," the defense will go, and "only the bad actor is personally liable (beyond capital contribution) in an LLP for bad acts." Here's hoping judges and juries will cut through the LLP protections and hold the partners accountable for the status they assumed with respect to the outside world. The LLP in LA will be particularly vulnerable, as those morons (Stein, Kahan et al) allowed Markey to put their names in the letterhead.
30, the various SEC affidavits (affirmations) that are linked to on the sight set forth a description of what a Dreier LLP "affilliate" is.
PS. While ordinarily a member of an LLP is not liable for the debts of an LLP, and the "partners" here were not even members of the LLP, would clients whose escrow money has disappeared have at least negligence claims against the "partners" that they retained?
aaaaaaahahahahaha!!! love the Seinfeld reference!
Dreier allegedly sold fraudulent securities in Vandalay Industries.
8 - How old are you????
Unlike other professions (such as fashion, publishing or being a professional athlete), being at the top of the legal profession usually doesn't reward you with tons of hot women. There are not too many partners and associates with super hot wives at the NYC BigLaw firm where I work at (confirmed by our recent firm-wide holiday party). At the same time, this may be because being a lawyer in Manhattan is fairly low on the borough's social ladder (celebrities>trust fund babies/independent wealthy>fashion/publishing/nightlife/gastronomy >real estate>assorted hipsters>investment banking>lawyers). So I bet the lawyers' wives in other cities are far more physically attractive in average. Even the TTT wives. But that's a given because TTT's have better social skills acquired by skipping classes and spending more time at the bar than at bar review.
Leet me tell you how it works in this coontry. First you geet tha mooney, then you geet tha power, then you geet tha woomen.
--Tony Montana
Shit. With a G-4 and a pocket full of blow, who could'nt date Maxum models?
--Nick the Greek
The guy supposedly rents an NYC apt for @ $50k/month. No wonder he couldn't "manage" firm finances or client accounts.
maxim models or not, there should be no question as to weather or not he spends jail time!!!!
do they allow maxim or playboy in jail?
i hope the only sex he is getting in jail is being molested of the most debase kind!
blow or not that guy reeks "greasy" all over and always has!
maxim models or not, there should be no question as to weather or not he spends jail time!!!!
do they allow maxim or playboy in jail?
i hope the only sex he is getting in jail is being molested of the most debase kind!
blow or not that guy reeks "greasy" all over and always has!
I sure hope he enjoys the occasional mustache ride!!
Attorney Dreier arrested in Canada (Author) Georges Marciano Co-Founder Guess
After reading this blog please tell me something about yourself, and thanks for reading my blogs
Marc Dreier arrested in Canada for using a false business card
I do not believe the irony or that this is true, this is the law firm who represented me against these two people Fahs, Iskowitz my cpa of 27 years. I filed this in court by my lawyer Dreier …I have been victim of ID theft, including copies of my driver license, my passport, social security card, credit cards and millions of dollars missing incuding art, wine….and I found out Monday 5th of Dec. the partner of the law firm is in jail for false impersonation and for embezzling money from his client. This lawyer is representing me for the same crime that he is charged with. I am a victim in my belief of the same thing that can be viewed in public court documents and or contact me about my story. Part of the story is with Bank of America refused to turn over cancelled check, statements for three years. Under several subpoenas from the court still refuse to give me all of my documents and I am going to the court again in February to ask for my own copies from the bank. Public court documents available at:
or you can contact me directly at: o8justiceforall@yahoo.com
I only want the same consideration for justice as any other citizen,
http://o8justiceforall.wordpress.com/