Tuesday, December 9, 2008

Feds Nab $100M Hedge Fund Fraudster

We have a new admission to the "Worst" category of money fraudsters. Marc S. Dreier has now been arrested in a $100M fraud schemes. Basically, Dreier forged the return on investments by clients and took home the profits. Sorry to say that $100M is nearly chump change to recent losses in the financial sector--its still bad, Dreier.

From NYTimes.com

...when the lawyer, Marc S. Dreier, stepped off a flight from Canada on Sunday night, federal authorities in New York arrested him in a $100 million fraud scheme, portraying his recent undertakings as more high-stakes grifting than high-end lawyering.

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