No Bail for Accused Hedge Fund Manager

Prosecutors say Dreier could face 30 years to life in prison

Thursday, Jan 22, 2009  |  Updated 5:30 PM EDT
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No Bail for Accused Hedge Fund Manager

NYMag

Marc Dreier

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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.

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