Brother Can You Spare a ‘Crime’?Posted on December 12, 2008 in Arizona Law Regarding Business and Real Estate
A judge denied bail on Thursday for a New York lawyer accused of selling sham investments to hedge funds. Hmmm… a shyster lawyer selling worthless real estate to a ‘hedge fund’. Can you say ironic? Things like this happen in Phoenix too and since the Charlie Keating days we have been involved in fighting a number of these con men in the Maricopa County Courts.
The case against Marc Dreier, founder at the 250-attorney law firm Dreier LLP in New York, has stunned the city. The Harvard Law School graduate is a 30-year veteran lawyer, whose firm has specialties in bankruptcy, litigation and employment law. They handled a case or two in Federal Court in Phoenix over the years.
Assistant U.S. Attorney Streeter said in court the actual monetary losses in the case may now exceed $380 million.
He said the fraud has likely been going on since January 2006. Dreier was ordered to remain in custody. He was arrested on Sunday for what authorities called a “stunning” and “brazen” scam.
Streeter said Dreier had been fooling some of the world’s most sophisticated investors. He is accused of scheming to market fake debt from a New York-based real estate developer to hedge funds and other institutional investors. Prosecutors say he cajoled his way into real estate and pension fund offices and created fake documents to try to convince investors that the worthless debt securities he touted were real. So, the next time you see a well dressed outsider ‘using’ your conference room, watch out, he may be claiming to be your company CEO, while he is actually signing away the deed to your building with some bogus financing instrument.
At the Law Firm of William A. Miller located in Phoenix, Arizona we specialize in these type of cases. Feel free to call at 602-319-6899 if someone has ripped you off in the greater Phoenix area in a real estate scam or hoax.