Federal prosecutors are still looking to make examples out of swindlers. After successfully nailing Bernard Madoff for 150 years, now they are seeking 145 years for Marc Dreier, a once prominent lawyer who pleaded guilty to a $700 million scam involving fake promissory notes. The feds pointed out, "This defendant, an officer of the court, engaged in a more than $740 million series of frauds over a seven-year period largely to finance a personal life of extraordinary lavishness," and that his investors lost $400 million. Dreier's defense lawyer, however, is hoping to get his 59-year-old client 12 1/2 years, "In seeking some measure of leniency we appeal not to sympathy but to reason. As colossal frauds capture national headlines, sentences for white-collar offenders must not become disproportionately long." CityRoom has Dreier's letter to the judge, which includes, "I have lost all my friends. I have lost my law firm, my law license and all that I ever owned. I have seen my family suffer the unimaginable. I have lost my past and my future. I have lost everything a man can lose. And now I will lose my freedom as well, and rightly so."
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