Money Missing From Dreier's Client Escrow Accounts

Jen Chung

Published Dec 11, 2008

Modified Dec 21, 2008

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Jen Chung

Published Dec 11, 2008

Modified Dec 21, 2008

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More details about prominent Manhattan lawyer-slash-apparent grifter Marc Dreier (pictured with Michael Strahan and Alicia Keys at a charity event). After his arrest, it was discover that tens of millions went missing from clients' escrow accounts. According to Forbes, Dreier "even managed to transfer $10 million by telephone from escrow accounts to his personal account while sitting in a Canadian jail awaiting a bail hearing." And Dreier, the Post reports, "figur[ed] he could replace the money by selling off his firm's art collection," worth $40 million. Following his Canadian arrest and release, Dreier was arrested in NYC for an alleged $100 million fraud scheme (selling fake debt to hedge funds). His law firm is in disarray; a partner said, "The news of Mr. Dreier’s arrest has had a devastating effect. The December health insurance premium has not been paid, the firm’s December rent payment is now overdue, and AT&T will terminate BlackBerry service." More details at the Law Blog.