SEC Charges Dreier with Fraud

Losses and Lawsuits

WASHINGTON, DC - New York lawyer Marc Dreier has been arrested for a $380 million hedge fund fraud. The SEC claims Dreier sold fake promissory notes to a number of investment funds. It says he used fake financial statements and audit opinion letters and accomplices posing as advisers to fool fund managers.

Dreier has been denied bail, after being described by prosecutors as a "Houdini" character posing a serious flight risk. Former stockbroker Kosta Kovachev has also been charged as an accomplice, allegedly posing as an executive for a New York real estate developer, aiding in the sale of Dreier's false promissory notes.

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