Dreier Suspended

The New York Appellate Division for the First Judicial Department has suspended Marc Dreier:

The evidence gathered by the SEC and the United States Attorney’s Office, and the sworn declarations annexed to the Committee’s motion, none of which are controverted, relate that respondent was engaged in a fraudulent scheme to sell investors fictitious promissory notes, for a profit of over $100 million; and converted tens of millions of dollars from the Dreier LLP escrow accounts.

This Court has consistently held that an attorney who converts funds should be immediately suspended, prior to the conclusion of the disciplinary proceeding. The sheer magnitude of the alleged conversion in this case, and the fact that some of the acts in furtherance thereof allegedly took place while respondent was in a Canadian prison are cause for great public concern.

(Mike Frisch)