Marc Dreier's Last Days of Semi-Freedom

cityfile · 10/05/09 08:46AM

If you haven't had time to read the lengthy story about disgraced lawyer Marc Dreier in the new issue of Vanity Fair, you can check out the Dreier interview that aired on 60 Minutes last night. The segment doesn't reveal much new info on Dreier, who is now behind bars for defrauding investors out of $400 million. But you will get to see the lonely lawyer pad around the apartment where he was under house arrest this spring and where he didn't have much to do all day but munch on cereal, read the newspaper, and watch TV. "Do you have any friends?" asks Steve Kroft. "It doesn't seem so." [CBS]

Dreier Victims Revealed

cityfile · 08/21/09 02:19PM

The names of Marc Dreier's victims were released by a judge yesterday. Three hedge funds—Elliot Associates, Fortress Investment Group, and Eric Mindich's Eton Park Management—were at the top of the list of investors who were defrauded by the imprisoned lawyer. But a bunch of fashion/retail companies were swindled, too, including Nike, Adidas, Diesel USA, Tommy Hilfiger, and COOGI Partners, the company that controls Fubu and Heatherette. Let it be said, however, that Hilfiger and Heatherette founder Richie Rich almost certainly had nothing to do with the homeless look Dreier was rocking in the days after he was arrested. Men who commit financial crimes just have a tendency to commit fashion ones, too, that's all. [Crain's]

Berkshire Hathaway Exec Buys Dreier's Old Pad

cityfile · 07/22/09 07:12AM

• Disgraced lawyer Marc Dreier's condo at One Beacon Court—along with his half-eaten pie and Christian Liaigre furnishings—sold at auction yesterday for $8.2 million after 45 people placed bids on the 3,000-square-foot pad. The buyer is Ajit Jain, a protégé of Warren Buffet and the head of Berkshire Hathaway's reinsurance group. [NYDN]
• Art dealer W. Graham Arader III has taken his mansion at 1016 Madison Avenue off the market. The 12,000-square-foot home went on the market for $75 million last October and was reduced to $65 million last month. [NYO]
• Attorney Bruce Blakeman, who launched a long shot bid for mayor this year, but is probably better known as the ex-husband of Paul McCartney's girlfriend Nancy Shevell, has picked up a new home in Water Mill. Blakeman bought the six-bedroom house for $2 million. [Newsday]

Up For Auction: Dreier's Apartment, Shoe Collection

cityfile · 07/21/09 08:04AM

The apartment that belonged to disgraced lawyer Marc Dreier goes up for auction at 1pm today. And the winning bidder won't just walk away with a 3,000-square-foot pad and 738-square-foot terrace on the 34th floor of One Beacon Court. All the items that Dreier left behind are part of the package as well. In addition to nine pints of Haagen Dazs ice cream in the freezer, the lucky bidder will also walk away with "a half-eaten raspberry peach pie, a collection of Christian Liaigre furnishings and seven pairs of black Ermenegildo Zegna shoes, mostly size eight." Naturally, there's a catch, a little detail that goes unmentioned by the firm handling the auction this afternoon. Since Dreier was under house arrest for several months and wasn't even permitted to leave his apartment to walk the dog, the jailed lawyer is also reportedly leaving behind a terrace that's covered with dog doo. Bring a spoon (for the ice cream) and a bucket full of cleaning supplies (for the doo), and you'll be fully prepared. [Bloomberg]

Dreier Gets 20 Years

cityfile · 07/13/09 03:08PM

Marc Dreier may get to see the light of day again, after all. Although prosecutors had asked a judge to sentence the scheming lawyer to a Madoff-like 145 years behind bars, U.S. District Judge Jed Rakoff handed him a 20-year term this afternoon. Dreier is 59, so he'll be a free man before he turns 80. Of course, that will still give him plenty of time to befriend big, buff black men, although presumably they won't be quite as harmless as former client Michael Strahan. [AP]

Marc Dreier, Bad Neighbor

cityfile · 07/13/09 08:16AM

Marc Dreier pleaded guilty in May to charges he bilked investors out of hundreds of millions of dollars, and he's been under house arrest since then. But today is judgment day and the disgraced lawyer will find out his fate in shortly. In the meantime, though, it looks like he has other problems: "Investment scammer Marc Dreier has been paying $70,000 a month for security guards to make sure he doesn't leave his NYC penthouse. Apparently they don't do dog-walking. Spies say Dreier's terrace is covered with pooch poop." [NYDN]

Today in White-Collar Fraud

cityfile · 07/09/09 07:33AM

Wondering what your fave fraudsters are up to? Yesterday, prosecutors announced that they planned to seek a 145-year jail sentence for Marc Dreier, the lawyer who ripped off various hedge funds and other investors out of $400 million. Dreier will find out how long he'll spend behind bars when he's sentenced on Monday, but in the meantime, there's a bit of Bernie Madoff news today, too.

A Contract at 15 CPW, Signs of Life at the Plaza

cityfile · 06/22/09 07:22AM

• Attorney Bruce Kaye and his wife Deborah have found a buyer for their two-bedroom condo at 15 CPW. The 32nd-floor apartment, which the Kayes bought for $7.8 million last July and put back on the market for $11.9 million in April, went into contract last week. [Cityfile, MRP]
• More moves at the Plaza: Oscar Schafer, managing partner of OSS Capital Management, has gone into contract to sell his 17th-floor apartment, which had been listed most recently at $12.5 million. And Guy Wildenstein has taken $3 million off the price of his Frank Lloyd Wright Suite, which is now listed with Corcoran's Carrie Chiang for $18.5 million. [NYT, Warburg, Corcoran]
• Bruce Lisman, the former co-head of global equities at Bear Stearns, has gone into contract to sell his apartment at 923 Fifth Avenue, nearly two-and-a-half years after he first put it on the market. The four-bedroom condo had most recently been listed at $16.75 million. [Cityfile, BHS]
• Marc Dreier's two Hamptons properties sold for a combined $10.4 million at auction last week, which is about $2 million less than they were expected to fetch. [ via Curbed]

Embattled Exec Finds a Buyer On East 78th Street

cityfile · 06/05/09 08:01AM

• Frank Cassou—the general counsel and executive VP of NextWave Wireless who found himself in the hot seat when shares of the company plummeted and a wave of shareholder lawsuits followed—has gone into contract to sell his 18-foot-wide townhouse at 57 East 78th Street. The 4,600-square-foot manse, which he and his wife Gabrielle bought for $5.45 million in 2003, has been on the market for $15 million since February. [Cityfile, Sotheby's]
• A 2,890-square-foot penthouse at 285 Lafayette Street, which was acquired in 1999 by a trust in the names of Johnson & Johnson heirs Joyce Johnson and John Johnson III, has taken a $2 million haircut. The three-bedroom apartment, which is located next door to a larger penthouse that Ian Schrager is currently selling, is now priced at $10 million. [Cityfile, Real Deal, BHS]

Spencer Dreier Strikes Back

cityfile · 06/01/09 11:28AM

Marc Dreier didn't contest the charges against him: Last month, the disgraced lawyer pleaded guilty to swindling hundreds of millions from investors and he'll be sentenced for his crimes on July 13. His son, however, appears to be keeping up the fight. Spencer Dreier filed suit against his former Union College roommate last week. The reason? Spencer claims that his former pal, Ben Clorite (right), defamed him by posting negative comments about his dad on the Wall Street Journal's Law Blog and also assaulted him.

A Rental For Rihanna, Dreier Pad On the Auction Block

cityfile · 05/28/09 08:59AM

• Rihanna is close to signing an $18,000-a-month lease for a penthouse at 92 Greene Street. Originally listed at $22,000 a month, the 2,300-square-foot pad comes with three bedrooms, three bathrooms, a sitting room, and a 500-square-foot terrace. [NYP, PDE]
• If our tour of disgraced lawyer Marc Dreier's One Beacon Court pad a couple of months ago happend to tickle your fancy, be advised it goes up for auction on July 21 at 1pm. [Maltz Auctions via Curbed]
• A full-floor apartment at the former Stanhope Hotel at 995 Fifth Avenue has sold for $17 million, down a stunning 45 percent from the original asking price of $31 million. [Real Deal]

Marc Dreier's Fire Sale at Sea

cityfile · 05/21/09 09:40AM

Lawyer Marc Dreier pleaded guilty to charges he bilked investors out of hundreds of millions of dollars a couple of weeks ago, and he remains under house arrest until his sentencing next month. (He may end up with a life sentence if prosecutors get their way.) He's been having trouble paying his bills since he was first indicted several months ago. According to his lawyer, Dreier even had to dip into his son's bar mitzvah fund recently to cover his living expenses. Perhaps that's why his yacht, which is one of a bunch of Dreier's assets now up for sale, was just discounted? Dreier's "Escape" (or "Seascape"), which was originally listed at $13.5 million, was just reduced to $12.5 million. After the jump, a few photos of the boat where Dreier probably spent many hours plotting and scheming.

Marc Dreier Gets Into the Spirit

cityfile · 05/15/09 10:27AM

As we suspected, house arrest isn't all that bad for Marc Dreier, the disgraced lawyer who pleaded guilty earlier this week to conspiracy, securities fraud, money laundering and wire fraud. The judge in the case permitted him to return to his apartment pending sentencing, and it's a very comfy place, that's for sure. He's not lacking for food either. It seems he's been ordering miniburgers from Le Cirque's new recession-friendly bar menu, located on the ground floor of his building. A sensible way to begin transitioning from Le Cirque's regular menu to a lifetime of prison food, clearly. [Page Six]

Marc Dreier Still Lives Better Than You Do

cityfile · 05/12/09 10:21AM

Disgraced lawyer Marc Dreier pleaded guilty yesterday to a long list of charges and he may face life in prison when he's sentenced on July 13. In the meantime, though, it's time to celebrate! Today is Dreier's 59th birthday, and not even the prospect of spending the rest of his life in the clink can take that away from him. Even better: The judge allowed him to return to his massive Midtown apartment last night, where he's under house arrest and watched over by guards who cost Dreier $23,000 a month.

Drier Pleads Guilty

cityfile · 05/11/09 02:26PM

Marc Dreier, the prostitute-loving attorney accused of bilking investors out of more than $400 million, will be giving up his luxury prison: The disgraced lawyer pleaded guilty this afternoon to conspiracy, securities fraud, money laundering and five counts of wire fraud. He faces up to 20 years on each count of securities fraud, and prosecutors have indicated they plan to ask for a life sentence. Either way, his habit of wrapping his arms around much larger black men should continue to many years to come. [WSJ]

Three Dreier Properties Will Soon Be For Sale

cityfile · 05/01/09 07:38AM

• Three of disgraced lawyer Marc Dreier's Hamptons homes—including two neighboring mansions on Dune Road in East Quogue and a rundown Westhampton house—are about to hit the market. The East Quogue estates are expected to be listed together for around $12.5 million. [NYP]
• Lisa Bonder Kerkorian, the ex-wife of billionaire Kirk Kerkorian, has gone into contract to sell her Bridgehampton mansion. Originally listed for $16.3 million, the 10,000-square-foot manse is reportedly selling for under its most recent asking price of $7.9 million. [P6, Corcoran]
• Hedge funder Jason Capello paid $15.45 million for a four-bedroom condo at 40 East 66th Street. In January, he sold his 72nd floor apartment at the Time Warner Center for $16.25 million. [Real Deal]
• Former Yankee Bobby Abreu has put his 37th-floor condo at One Beacon Court on the market $7.9 million, which happens to be the same price he listed it for just last year. [Curbed, PDE]

Dreier To Plead Guilty

cityfile · 04/28/09 11:20AM

Marc Dreier, the prostitute-loving disgraced lawyer accused of bilking investors out of hundreds of millions dollars, will plead guilty on May 11 to money laundering, according to his lawyer, Gerald Shargel. The saddest thing for Dreier? Once he does so, he'll have to say goodbye to this place. Can we interest you in a spectacular apartment in One Beacon Court, by any chance? [WSJ]

Marc Dreier's Dirty Rep Gets Dirtier

cityfile · 04/16/09 11:53AM

Lawyer Marc Dreier is thoroughly disgraced, having been charged with bilking investors out of $400 million as part of a fake bond scheme. But things just got a little bit worse for the former mega-lawyer currently under house arrest: It appears he was a client of the prostitution ring operated by Jodi "Babydol" Gibson, the madam who served time in prison and later published a tell-all that identified Bruce Willis and Ben Affleck as past clients. Of course this also means Dreier has someone he can consult on what life is like on the inside, which may not be such a bad thing. [Dealbook]