American Greed Episode 48: Hedge Fund Imposter

Case File

Hedge Fund Imposter

  • The Attorney
  • It's December 2008. The financial markets are in turmoil but super lawyer Marc Dreier appears to float above it. He's the sole owner of Dreier LLP, a 500-person law firm with offices on New York's Park Avenue.
  • The Law Firm
  • Marc Dreier's law firm is based on a new model where the attorneys are not equity partners. Instead he offers them generous salaries and commissions on new businesses. But there's a catch…Dreier is the only person in control of the finances.
  • The Lifestyle
  • He appears to make money out of thin air. Dreier owns yachts, extravagant homes, priceless art and expensive cars. He needs more money to expand his law firm and keep up his extravagant lifestyle.
  • The Scam
  • He comes up with a plan to sell fake promissory notes – IOU's to hedge funds. He issues $200 million worth of notes to hedge funds in New York and Connecticut. For six years he enjoys the fruits of his "success" … but Marc Dreier's life is about to implode.

Web Extras

  • American Greed:  Hedge Fund Imposter

    Marc Dreier is a high-powered lawyer with celebrity clients. But Dreier is a conman and steals more than $700 million from hedge funds. American Greed profiles a story of deception and fraud!

  • Marc S. Dreier

    Dreier, who once headed a 250-member law firm Dreier LLP on New York's exclusive Park Avenue, was arrested in December, 2008, on charges of swindling hedge funds and investment funds in a four-year-long scheme that unraveled in the financial crisis. This is the story of how he bought his way to fame and fortune, using other people's money.

  • Read Marc Dreier’s personal appeal to the sentencing judge.

  • Examine the forged documents Dreier created to commit his fraud.