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December 8, 2008 6:52 PM

The Latest on Marc Dreier

Posted by Zach Lowe

Earlier today we brought you the stunning indictment charging Marc Dreier, the sole equity partner in Dreier LLP who faces charges of attempting to scam three investment funds to the tune of about $150 million.

We've learned some more information since then, and we've gathered it here in one place.

• Our colleagues at the New York Law Journal attended Dreier's arraignment today, and offer some nice details, including that Dreier "looked haggard" and will stay locked up at least until Thursday, when a federal judge might set bail conditions. His lawyer, famed criminal attorney Gerald Shargel, said Dreier has "had a very difficult couple of days."

• The NYLJ also confirms what we've heard from several sources: Dreier LLP is basically a dead entity, and lawyers of all ranks are running for the doors. One ex-Dreier partner, Seth Ostrow, is starting his own intellectual property firm and taking several other Dreier refugees with him.

• Robert Gold, a partner at Wilson Sonsini Goodrich and Rosati, confirmed that he's representing between 35 and 50 Dreier attorneys in the wake of Dreier's arrest. Gold is advising them on everything from cooperating with authorities to investigating any possible claims against Dreier to helping them continue working for their clients. Even that is difficult, Gold says, because Dreier attorneys have to pass through federal authorities guarding the the firm's Park Avenue offices. Removing any documents or contents for work outside the office is especially difficult, source say.

• Brian Mass, a partner at Frankfurt Kurnit Klein & Selz confirmed he is representing Schlesinger Gannon & Lazetera LLP, a 10-lawyer trusts and estates firm that acted as one of Dreier's many affiliates and shared office space with Dreier LLP. Maas declined further comment.

• The Securities and Exchange Commission, meanwhile, announced they are looking for a receiver to head Dreier LLP during the already ongoing federal investigation of the firm's books. The receiver will be an outsider set up to cooperate with authorities, hand over documents and respond to subpoenas, lawyers familiar with the matter said. It's a sign the SEC is planning a very thorough investigation of Dreier's records.


Related Stories:

Bombshell: Feds Claim Dreier Falsified Docs in $100 Million Fraud, Admitted It on Tape - 12/8/08 at 1:20 p.m.

Breaking: Dreier Indicted in Federal Court - 12/8/08 at 11:53 a.m.

Document: Dreier Charged for Impersonating In-House Lawyer - 12/5/08 at 6:34 p.m.

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