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December 8, 2008 11:53 AM

Breaking: Dreier Indicted in Federal Court

Posted by Zach Lowe

Our colleagues at the New York Law Journal have the latest on troubled lawyer Marc Dreier, founder and sole equity partner of Dreier LLP, and it's not good news: Federal prosecutors have charged Dreier with theft in connection with his bizarre attempt to secure a loan by impersonating another lawyer in Toronto last week.

Dreier has retained noted lawyer Gerald Shargel and is scheduled to appear at U.S. District Court for the Southern District of New York today, our friends at the NYLJ tell us.

As detailed in the Am Law Daily Friday and in a nice piece in today's Wall Street Journal, Dreier allegedly impersonated a lawyer for the Ontario Teachers Pension Fund during a meeting with an executive for Fortress Investment Group--even using the pension fund lawyer's business card, which Dreier had received earlier that day when he met that lawyer, according to some accounts. Dreier was allegedly seeking money for a sham transaction.

He spent three nights in an Ontario jail before making bond Friday and flying back to New York with Shargel. Federal authorities were waiting at the airport and arrested Dreier, the NYLJ tells us.

A spokeswoman for the U.S. District Attorney's office would not confirm whether Dreier is being arraigned today or is otherwise appearing in court.

Shargel has represented several high-profile clients, including mob bosses, lawyers who allegedly bribed and threatened witnesses, and an elderly Texas oil man who scammed the U.N.' s oil-for-food program with Iraq.

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