Dreier’s Lawyers Indicate He is Likely to Change Plea to Guilty

Lawyers for Marc Dreier advised U.S. District Judge Jed Rakoff (SDNY) yesterday that Dreier is likely to change his plea to guilty in the case against him.  Prosecutors allege that Dreier sold $700 million in phony securities to hedge funds.

The AP reports that the defense announcement came at a hearing yesterday where Marc Dreier pleaded not guilty to a revised indictment accusing him of money laundering in addition to the charges he already faces of securities fraud, wire fraud and conspiracy to commit those crimes.

Read the AP article