New York attorney Marc Dreierwas living the high life — he owned two beach houses, an Aston Martin and an $18 million yacht — but it was all thanks to a massive scam he perpetrated on hedge funds.
Dreier raised over $700 million by selling fake promissory notes to investors before his masquerade came crashing down with the stock market in 2008. Investors began looking for their money, and eventually investigators discovered the fake notes and the misappropriation of $46 million in client funds. In all, his victims lost $400 million. Dreierpleaded guilty to charges of conspiracy, wire fraud, securities fraud and money laundering. He’s serving 20 years behind bars.