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Financial Fraud Law

Breaking News: Marc Dreier Sentenced To 20 Years And Ordered To Pay $387.7 million In Restitution

Federal District Court Judge Jed Rakoff today sentenced disgraced attorney Marc Dreier to 20 years in prison – substantially less than the 145 years sought by the prosecutors – and ordered him to pay $387.7 million in restitution. The court’s decision follows Dreier’s decision to plead guilty in May to money laundering, conspiracy, securities fraud and wire fraud.

 
Dreier’s fraud was revealed shortly before the Madoff Ponzi scheme became public. His sentence – 130 years less than Madoff’s – may still prove to be a life sentence for the lawyer, who is 59 years old.
 
One wonders whether Dreier’s statement to the court (see earlier post) influenced Judge Rakoff, who in the past has criticized the federal sentencing guidelines in white collar criminal cases (which, if applied, would have led to a longer prison sentence here).