No Bail for Accused Hedge Fund Manager

Prosecutors say Dreier could face 30 years to life in prison

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    NEWSLETTERS

    NYMag
    Marc Dreier

    A prominent New York lawyer accused of a $400 million hedge fund scam will remain in custody, a judge ruled Thursday.
        

    Magistrate Judge Douglas Eaton said Thursday he would not release Marc Dreier unless wealthy friends could put up $10 million in cash or property to secure a $20 million bond.    
    Dreier's lawyer said that isn't possible.
        
    Prosecutors say Dreier could face 30 years to life in prison if he's convicted of securities fraud and wire fraud.
        
    The 58-year-old defendant was arrested in early December. Dreier formerly led a firm with more than 200 lawyers.