US judge gives fraud lawyer 20 years in prison ($400 mil investment fund fraud)

[UpInArms]

Source: Reuters

NEW YORK, July 13 (Reuters) - Marc Dreier, a high-profile New York lawyer who admitted to a $400 million investment fund fraud that unraveled at the same time as Bernard Madoff's huge swindle, was sentenced to 20 years imprisonment on Monday.

Dreier's sentencing proceeding in Manhattan federal court was punctuated with discussion and comparison to the multibillion-dollar Madoff fraud after the government had asked for a 145 year sentence for Dreier. Madoff, 71, was sentenced to 150 years in prison last month for a fraud of as much as $65 billion with thousands of investors swindled.

"When you turn to the facts of the crime that Mr Dreier committed, one must still be appalled," U.S. District Judge Jed Rakoff said. "It is a huge fraud by any standard, other than the Madoff standard."

Even though the better-known Madoff's fraud was much larger than Dreier's scheme, U.S. prosecutors had requested the same effective life term for the Harvard and Yale educated lawyer as they did for the once-respected financier.

Read more: http://www.forexyard.com/en/reuters_inner.tpl?action=2009-07-13T232701Z_01_N13225392_RTRIDST_0_DREIER-UPDATE-2

[Tansy_Gold]

1. Be sure to let Ozy know

So he can add this one to the SMW front page


:yay: another one behind bars!

[Jefferson23]

2. What a schmuck. The art work in one of his office buildings alone had

$40 million dollars worth of art, he bought whatever he wanted, whenever he wanted. 20 years is too little time.