Monday, August 12, 2013

MARC DREIER Post Script: Manhattan US Attorney Announces Transfer of 18 valuable works of Art to Marc Dreier Victim

Marc Dreier  is a  lawyer who was sentenced to 20 years in federal prison in 2009 for committing investment fraud using a Ponzi scheme. He was involved in a scheme that included impersonating people to try to sell investors fake financial investments. Finally he was caught in Canada impersonating an in house lawyer for a teachers pension, trying to sell more fake financial instruments. When he was caught and brought to court he almost looked like a homeless person. 
Marc Dreier first court appearance after arrest

Today the US Attorney announced that 18 pieces of artwork by well known artists such as:  Andy Warhol, Mark Rothko, and Roy Lichtenstein, were transferred to  a victim of the Dreier fraud. Prior to Dreier's arrest, he displayed the artwork in his residence. Dreier gave victim-1 a security interest in the artwork valued at over 30 million dollars, purportedly to secure the payment to victim-1 on promissory notes that Dreier secretly forged, and that had a face value of over $110 million.  


Below is the illustration of Dreier's plea, he is seated while his attorney Gerald Shargel speaks. The courtroom was full of victims of his fraud, including Judith Reagan( in white suit) who claimed Dreier tried to extort a settlement from her and improperly disclosed her $10.75 million settlement with HarperCollins.

Marc Dreier plea with victims in audience, including Judith Reagan former editor at Harper Collins

2 comments:

  1. lovely work! I wonder if Dreier's artwork is real :-o

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  2. Thanks for the compliment, much appreciated!
    Good point about Dreier,
    he was a Ponzi schemer
    with a whole new twist.

    ReplyDelete