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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