Monday, May 11, 2009

Make room Madoff

This Just In From CNN.

New York lawyer pleads guilty in $700 million fraud

While as not as bad as Madoff and Stanford, Marc Dreier is about to get a lot of press and none of it good. Here are the figures

Defrauding hedge funds of about $700 million(his pocket)
He'll be doing prison time a minimum of 145 years
loss to clientS: $400 million USD

No Ponzi, just straight up fraud

Thanks Marc!