Finding Marc Dreier to be an “enormous” flight risk, U.S. Magistrate Judge Douglas Eaton today denied bail and ruled that Dreier will be held in prison while he faces fraud charges. Bloomberg reports that at the bail hearing, prosecutors said Dreier was “the Houdini of impersonation and false documents,” and that the victims of the fraud, which has gone on since 2006, are sophisticated investors who lost $380 million. Assistant U.S. Attorney Jonathan Streeter told the court that Dreier had a “whole box” of mobile phones in his office to assist in the fraud.
According to Bloomberg, Dreier’s attorney, Gerald Shargel, had asked the court to impose a $10 million bond with electronic monitoring for Dreier at his home, as well as two armed guards he would pay for.

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[…] a laundry list of hedge funds through the sale of fraudulent notes. Last week prosecutors labeled Dreier “the Houdini of impersonation and false documents,” and stated that the victims of the fraud, […]