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by Vault Law Editors | January 22, 2009


Amid the recent spate of firm layoffs and the presidential inaugu-thingy of that one dude, we lost track of Marc Dreier for a short while. As it turns out, a story so fascinating?the lifestyle, the elaborate impersonations, the $100 million slush funds, those eyebrows?that Hollywood?s probably already sifting through screenplays has gotten?even?better. Prosecutors continue to chase Dreier assets in 50-plus known bank accounts, Mercedes-Benz wants its ride back, and today, a federal judge handed Dreier the Madoff treatment?though the disgraced playboy claims he doesn?t have the scratch ($20 million) to get out of jail. Dreier?s attorney, ?Teflon Don? go-to Gerald Shargel, characterized the bail as a guarantee that his client would remain behind bars and refuted prosecutors? assertions that Dreier had recruited his son to help him cover up evidence and hide assets the government is seeking. The feds allege that Spencer Dreier, 19, tried to locate his father?s cell phones to destroy their SIM cards, defied a government freeze order in trying to transfer ownership of his dad?s Hamptons properties, and directed employees aboard his father?s yacht to steer clear of U.S. waters. Spencer reputedly had an incentive to like the fellow: Prosecutors said Daddy Dreier told his son he could have properties worth $12.5 million after the teenager agreed to spend last summer with him.

Spencer?s attorney, Goodwin Procter white collar crime chief Richard Strassberg, didn?t immediately respond to the feds? allegation that Spencer had said that ?his goal was to seek ?revenge? against those who were ?trying to destroy? his father.? Nor did he have a ready-made answer to the prosecution?s crack that ?Spencer Dreier is not even a responsible person, let alone a financially responsible person.?

Meanwhile, those crazy Canucks handed Dreier something to look forward to should he ever make bail: A March 5th court date to face separate charges in Toronto.

-posted by ben fuchs


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