But unable to fathom life on the run, Dreier returned to New York, where he arranged to sell yet another fake security to a hedge fund in Manhattan, claiming it was being issued by the Ontario Teacher’s Pension Plan (OTPP), another former client of Dreier’s.
"He was attempting at the time to sell a $44 million note to a hedge fund located in New York," said Assistant U.S. Attorney John Streeter. "And that hedge fund had insisted on having a face-to-face meeting with a representative of this pension plan, located in Canada, that was supposedly, according to Marc Dreier, guaranteeing the note."
The hedge fund agreed to the purchase, but demanded that a representative from OTPP sign the papers in person.
The next day, Dreier flew to Toronto to meet the hedge fund representative in the OTPP offices. He first met with an OTPP lawyer and took his business card. He then asked to use a conference room while waiting for his private jet, and when the hedge fund representative arrived, Dreier quickly ushered him into the conference room, offering the attorney's business card as his own and hurriedly signed the papers. But the hedge fund representative was suspicious.
"He asked the person at the front desk if that person he was just meeting with was [the attorney]," said Robert Kolker, contributing editor for New York Magazine. "And the person at the front desk said no, it wasn't."
Back on his private jet, Dreier got a phone call telling him someone was impersonating one of the Canadians at the hedge fund. Dreier was at a crossroads. He could fly back to New York and deny any knowledge, or he could return and try to explain himself.
"He later told me, when he sat down, he was 90 percent sure if he went back to the offices of the pension fund that he probably would never get out, that something bad would happen," Burrough said. "And that's actually what happened. By the time he got back, the police had already been called. And they put him in handcuffs and took him away."
But Dreier still wasn't finished pilfering other people's money. From a jail cell in Canada, Dreier transferred $10 million from a client's escrow account to one of his personal bank accounts. and the next day, he's released on bail. But when he arrived at LaGuardia airport, the feds arrest him on charges of securities and wire fraud.
It was the beginning of the end for Marc Dreier's scam of a lifetime.
Reuters and The Associated Press contributed to this report.
Episode 48 of American Greed, Hedge Fund Imposter, premieres Wednesday April 13th at 10p | 1a ET.