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Marc Dreier
Marc Stuart Dreier (born May 12, 1950) is an American former lawyer who was sentenced to 20 years in federal prison in 2009 for committing investment fraud using a Ponzi scheme. He is scheduled to be released from FCI Sandstone on October 26, 2026. On May 11, 2009, he pleaded guilty in the United States District Court for the Southern District of New York to eight charges of fraud, which included one count of conspiracy to commit securities fraud and wire fraud, one count of money laundering, one count of securities fraud, and five counts of wire fraud in a scheme to sell more than $950 million in fictitious promissory notes. Civil charges, filed in December 2008 by the U.S. Securities and Exchange Commission, are pending. The 2011 documentary '' Unraveled'' states that "Drier stole over $740 million from 4 clients, 4 individuals, and 13 hedge funds". He is the sole equity partner of the dissolved law firm Dreier, LLP. After Dreier was suspended from the New York Bar on Decembe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Long Island
Long Island is a densely populated island in the southeastern region of the U.S. state of New York (state), New York, part of the New York metropolitan area. With over 8 million people, Long Island is the most populous island in the United States and the List of islands by population, 18th-most populous in the world. The island begins at New York Harbor approximately east of Manhattan Island and extends eastward about into the Atlantic Ocean and 23 miles wide at its most distant points. The island comprises four List of counties in New York, counties: Kings and Queens counties (the New York City Borough (New York City), boroughs of Brooklyn and Queens, respectively) and Nassau County, New York, Nassau County share the western third of the island, while Suffolk County, New York, Suffolk County occupies the eastern two thirds of the island. More than half of New York City's residents (58.4%) lived on Long Island as of 2020, in Brooklyn and in Queens. Culturally, many people in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own. Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in Germany and by Sarah Howe in the United States in the 1880s through the "Ladies' Deposit". Howe offered a solely female clientele an 8% monthly interest rate and then stole the money that the women ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Shore (Long Island)
The South Shore of Long Island, in the U.S. state of New York, is the area along Long Island's Atlantic Ocean shoreline. Description Though some consider the South Shore to include parts of Queens, particularly the beach communities in the Rockaways such as Belle Harbor, the term is generally used to refer to the Long Island coastline in Nassau and Suffolk counties. It is often used as a generic name for the entire southern half of Long Island rather than just the area immediately adjacent to the coastline. The South Shore tends to be diverse in culture and income as it varies from one hamlet or village to another. In Suffolk County, there still remain pockets of old money from the Gilded Age, including the country seats of families from the Vanderbilts, Havemeyers, and Bournes to the Gardiners, Bayard-Cutting as well as many others. The South Shore is also home to the seaside resort of The Hamptons on its east end, located on the South Fork of Long Island. On its west ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nunc Pro Tunc
''Nunc pro tunc'' (English translation: "now for then") is a Latin expression legal term originating in Great Britain, now in common use in other countries. In general, a ruling ''nunc pro tunc'' applies retroactively to correct an earlier ruling. Legal definition ''Nunc pro tunc'' may apply when "a judgment is entered, or document enrolled, so as to have the same legal force and effect as if it had been entered or enrolled on an earlier day". quoted in at p. 131. That type of order originated from the Court of Chancery from 1388. at pp. 131–132 per Toohey J. In 1805, Lord Chancellor Lord Eldon, said, "The Court will enter a Decree ''nunc pro tunc'', if satisfied from its own official documents, that it is only doing now what it would have done then". ''Nunc pro tunc'' may apply also to acts that are allowed after the legally-allotted time to do them has passed. For example, in the probate of an estate, if property, such as lands, mineral interests, etc., are discovered after ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disbarred
Disbarment, also known as striking off, is the removal of a lawyer from a bar association or the practice of law, thus revoking their law license or admission to practice law. Disbarment is usually a punishment for unethical or criminal conduct but may also be imposed for incompetence or incapacity. Procedures vary depending on the law society; temporary disbarment may be referred to as suspension. Australia In Australia, states regulate the Legal Profession under state law, despite many participating in a uniform scheme. Admission as a lawyer is the business of the admissions board and the Supreme Court. Disciplinary proceedings may be commenced by the Bar Association or the Law Society of which one is a member, or the board itself. Germany In Germany, a ''Berufsverbot'' is a ban on practicing a profession, which the government can issue to a lawyer for misconduct, ''Volksverhetzung'' or for serious mismanagement of personal finances. In April 1933, the Nazi government issued ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Supreme Court
The Supreme Court of the State of New York is the trial-level court of general jurisdiction in the New York State Unified Court System. (Its Appellate Division is also the highest intermediate appellate court.) It is vested with unlimited civil and criminal jurisdiction, although in many counties outside New York City it acts primarily as a court of civil jurisdiction, with most criminal matters handled in County Court. The court is radically different from its counterparts in nearly all other states in that the Supreme Court is a trial court and is not the highest court in the state. The highest court of the State of New York is the Court of Appeals. Also, although it is a trial court, the Supreme Court sits as a "single great tribunal of general state-wide jurisdiction, rather than an aggregation of separate courts sitting in the several counties or judicial districts of the state." The Supreme Court is established in each of New York's 62 counties. Jurisdiction Under ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients (individuals or corporations) about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought. Arrangements Law firms are organized in a variety of ways, depending on the jurisdiction in which the firm practices. Common arrangements include: * Sole proprietorship, in which the attorney ''is'' the law firm and is responsible for all profit, loss and liability; * General partnership, in which all the attorneys who are members of the firm share ownership, profits and liabilities; * Professional corporations, which issue stock to the attorneys in a fashion similar to that of a business corporation; * Limited liability company, in which the attorney-owners are called "members" but are not direct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity Partner
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract. History Partnerships have a long history; they were already in use in medieval times in Europe and in the Middle East. According to a 2006 article, the first partnership was implemented in 1383 by Francesco di Marco Datini, a merchant of Prato and Florence. The Covoni company (1336-40) and the Del Buono-Bencivenni company (1336-40) have also been referred to as early partnerships, but they were not formal partnerships. In Europe, the partnerships contributed to the Commercial Revolution which started in the 13th cent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedge Funds
A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as short selling, leverage, and derivatives. Financial regulators generally restrict hedge fund marketing to institutional investors, high net worth individuals, and accredited investors. Hedge funds are considered alternative investments. Their ability to use leverage and more complex investment techniques distinguishes them from regulated investment funds available to the retail market, commonly known as mutual funds and ETFs. They are also considered distinct from private equity funds and other similar closed-end funds as hedge funds generally invest in relatively liquid assets and are usually open-ended. This means they typically allow investors to invest and withdraw capital periodically based on the fund's net asset value, whereas privat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unraveled (film)
''Unraveled'' is a 2011 American documentary film about lawyer Marc Dreier, who was arrested for orchestrating a fraud scheme that netted 750 million dollars from hedge funds and clients. Set during his house arrest, the film recounts Drier's struggle to prepare for the possibility of life imprisonment with first-person flashbacks of his actions. The film also shows Drier's attempts to grasp his unraveling. The film was produced and directed by Marc H. Simon of Stick Figure Productions. Other producers include Matthew Makar, Steven Cantor, and Miranda Bailey. The band Red Wanting Blue Red Wanting Blue (also known as RWB) is a rock and roll band led by Scott Terry that formed in Athens, Ohio in 1996. In 1999 the band relocated its headquarters to Columbus, Ohio, the city Red Wanting Blue now calls home. RWB has been touring for ... was commissioned to write an original song for the film about Dreier's experiences. The song is titled "Magic Man" and plays in its entirety in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Promissory Note
A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the ''maker'' or ''issuer'') promises in writing to pay a determinate sum of money to the other (the ''payee''), either at a fixed or determinable future time or on demand of the payee, under specific terms and conditions. Overview The terms of a note usually include the principal amount, the interest rate if any, the parties, the date, the terms of repayment (which could include interest) and the maturity date. Sometimes, provisions are included concerning the payee's rights in the event of a default, which may include foreclosure of the maker's assets. In foreclosures and contract breaches, promissory notes under CPLR 5001 allow creditors to recover prejudgement interest from the date interest is due until liability is established. For loans between individuals, writing and signing a promissory note are often ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Offic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
