Clearly, major fraud defendants have the best racket going- unless you just can’t live without the Deli down the street. First Madoff, now this:
A federal judge says a prominent New York lawyer accused of defrauding investors of more than $400 million can be freed under house arrest.
Judge Jed Rakoff on Thursday lifted financial requirements that had forced Marc Dreier to remain jailed.
Last month, a magistrate judge had required that Dreier produce $10 million in cash or property to secure a $20 million bail.
And we are worried about the optics of Wells Fargo going to Vegas?
House arrest for lawyer in $400M fraud case [Business Week]
It is because he was arrested by the Feds, not state which is more likely to jail. There was a recent article somewhere on this phenomenon.
hey – isn’t marko supposed to tell us about a $1B mini-madoff today?
WHO is that guy with the hair behind him?
That’s not his hair. It’s his brain on Red Bull.
@4
his son Spencer
Wait, so the kid who gets caught with an ounce of ganj gets thrown in jail, but fraud in the 9+ digit range gets house arrest? Wtf am I smoking that this does not make sense?
this guy should be in jail
we lock up people for smoking weed but we don’t lock up guys like these
Take a vote:
Michael Phelps vs. Dreier
Who should go to jail first for his offence?
His boy Spencer has been busy trying to sell family assets. He should have mailed them to relatives. I guess it’s kind of hard to mail a boat and beach house.
You name a kid Spencer and you’re pretty much guaranteed he will turn out to be a complete tool. Have you ever met any kid named Spencer that wasn’t a knob?
Twelth
Absolute disgrace – definite flight risk – case is slam dunk – Federal System is PATHETIC on bail matters and US Attorney’s are Pu$$ies.
Can we stop using the term “optics”
How about House Arrest with Gasparino’s yawling for 7 straight days? Enough punishment for any man
House arrest with Maria B sans the makeup!!
Harvard Law has its benefits.
depends on if it was shwag or dro
Not to burst bubbles here, but pre-trial detention is only permitted to the extent necessary to secure the defendant’s appearance at trial. It cannot be used as punishment because the accused is presumed innocent until a jury actually convicts him. He will be in jail soon enough.
Judge Rakoff is considered one of the finest judge in the most prestigious federal district court in the country. I can guarantee you that this decision was based on a sound following of the law and reading the facts. And no, I am not related to Judge Rakoff and nor do I work for him.
Also, whoever wrote that his name has something to do with his decision: stick to excel spreadsheets, don’t try to understand the law, its over your head.
Judge Rakoff is considered one of the finest judge in the most prestigious federal district court in the country. I can guarantee you that this decision was based on a sound following of the law and reading the facts. And no, I am not related to Judge Rakoff and nor do I work for him.
Also, whoever wrote that his name has something to do with his decision: stick to excel spreadsheets, don’t try to understand the law, its over your head.
Judge Rakoff is considered one of the finest judge in the most prestigious federal district court in the country. I can guarantee you that this decision was based on a sound following of the law and reading the facts. And no, I am not related to Judge Rakoff and nor do I work for him.
Also, whoever wrote that his name has something to do with his decision: stick to excel spreadsheets, don’t try to understand the law, its over your head.
*judges not judge, my bad.
“Posted by guest, Feb 05, 2009 3:43PM
Not to burst bubbles here, but pre-trial detention is only permitted to the extent necessary to secure the defendant’s appearance at trial. It cannot be used as punishment because the accused is presumed innocent until a jury actually convicts him. He will be in jail soon enough.”
It’s difficult to imagine a circumstance in which Dreier, accused with fairly strong evidence (direct and circumstantial) in two jurisdictions (internationally diverse jurisdictions, by the way) of impersonation and fraud as well as the secreting away of assets and art AFTER his initial arrest, does not appear to be enough of a flight risk to justify a remand.
Hmmmm.
I don’t care if you ARE Judge Rakoff, 20-22, you owe the world a small smile if you are named that and youre judging a Madoff case. Like the great newspaper piece in December about the guy who hired Mr. Cookoff the personal chef and Mr. Workoff the personal trainer on his Madoff money, etc.
In my small home town there was a Dr. Slaughter, who was a good doctor, and whose name we all had forgotten to laugh at except when somebody from out of town heard it the first time. Judge Rakoff will live.
Use of Disguises = check
Use and knowledge of false documents = check
Access to $ = check
Unemployed = check
Unmarried = check
Rock solid case = check
Possibility of long incarceration=check
If Marc Drier is not a flight risk – then there is no such thing as a flight risk and the criteria should be removed from the Federal Bail Guidelines.
Rakoff is an embarrassment, as is the entire Federal System.
@25
When I lived in NY the NYNEX repair manager responsible for Scarsdale/Hartsdale was called “Vinnie Balls” I kid you not. I could never get the seriousness of not having my phones working through to this guy. I kept bursting in to laughter every time I called him.
25, can you enlighten me as to what Madoff has to do with this story?
Madoff? House arrest? you don’t see the connection?
26- you are an embarrassment. That’s a nice little check list you have there, but this isn’t an episode of law and order. Take off your amateur lawyer hat, you aren’t smart enough.
Our justice system sucks. When you stole 400 millions or 50 billions you are sitting pretty. While someone is jailed for taking 50 cents 24 years ago:
http://www.reuters.com/article/newsOne/idUSTRE5133TK20090204
Just over 30 years ago I met Marc Drier when I came to work as a summer associate at the firm then known as Rosenman, Colin, Freund, Lewis & Cohen. Summer associates split their time between the litigation and the corporate dept (which included everything that wasn’t litigation). Upon graduating NYU in 1979, I joined the firm full time and opted to work exclusively in the corporate department, in part because Marc Drier was a litigator and one of the most abusive, self-serving SOB’s I ever worked for. There is only one thing that matters to Marc Drier and that’s Marc Drier . . . so if he can find a way to flee . . . don’t blink because he’ll be gone.
#30 you are the embarrasment. What about #26’s post was so bad? As to the “you not smart enough” comment–anyone that has ever worked at a law firm can attest to the fact that you don’t have to be a genius to be a successful attorney. Duh!