By: Dr Matthew Partridge 13/08/2019 How did it begin? Marc Dreier was born in Long Island, New York, in 1950 and graduated with a law degree from Harvard Law School in 1975. After two decades working at various Wall Street law firms, he left to strike out on his own and by 2000 he was experiencing modest success as a senior partner in the medium-sized law firm Dreier, Baritz & Federman. Dreier’s restlessness drove the other partners away, leaving him in sole charge of the firm, which he renamed Dreier LLP. He then started to expand aggressively. What was the scam? To raise money for the expansion, as well as to fund a lavish lifestyle, Dreier began to borrow money from hedge funds, issuing fake bonds from a corporation, Solow Realty, run by one of his clients, Sheldon Solow. To make the scam seem convincing, Dreier constructed a fake balance sheet and offered interest rates that were slightly above the going rate. Initially Dreier hoped that the profits from his law firm would repay the loans, but with the expansion costing more money than expected, and as he acquired a taste for the high life, his firm began to turn… Read full this story
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