Grifting Lawyer Now Charged With $700 Million in Fraud

Marc Dreier is currently under house arrest for his alleged $380 million fraud. Except now the feds had amended their indictment and say the fraud—selling fake promissory notes to hedge funds—is actually $700 million. The Law Blog reports, "Prosecutors are demanding that Dreier forfeit approximately $700 million, including all of his interest in a yacht, luxury cars, and more than 200 works of art by such masters as Andy Warhol, Jasper Johns, Roy Lichtenstein and Henri Matisse." Dreier, a once prominent lawyer whose firm employee 200 people and who pleaded guilty to previous charges, was also hit with a money laundering charge; his lawyer said, "We are looking for a fair resolution and will continue with that effort."