Dreier Will Plead Guilty To $700 Million Fraud

Marc Dreier, the once high-flying lawyer whose firm had over 200 lawyers, will plead guilty a $700 million scam involving fake promissory notes. According to his lawyer, Dreier—who does not have a deal—will "enter a guilty plea to...conspiracy, securities fraud, money laundering and five counts of wire fraud," the Wall Street Journal reports. Dreier was arrested in December, after returning from Canada where he was arrested for impersonating another lawyer in an attempt to get business from a Canadian pension fund, and has been under house arrest. Dreier faces over seven counts, the New York Law Journal says, "Each count carries a potential sentence of 20 years in prison except for the conspiracy count, which carries a five-year term."