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Dreier gets 20 year federal prison sentence

By Douglas A. Berman

As detailed in this Bloomberg article, "Marc Dreier, the New York law firm- founder, was sentenced to 20 years in prison for defrauding hedge funds of more than $400 million and stealing money from his clients."  Here are more details from the sentencing: U.S. District Judge Jed Rakoff in Manhattan today sentenced Dreier, 59, to a term far shorter than the 145 years sought by prosecutors. Dreier?s lawyers asked for a sentence of as few as 10 years. Dreier was also ordered to pay $387.7 million in restitution.... ?Mr. Dreier?s crimes, despicable though they may be, pale in comparison to Mr. Madoff?s,? Rakoff said, referring to investment manager Bernard Madoff who pleaded guilty in March to a $65 billion Ponzi scheme. ?But one must still be appalled? by his crimes, he said...continue to full post

Full post as published by Sentencing Law and Policy on July 13, 2009 (boomark / email).