20 years, because there were fewer victims than Madoff’s, and the toll of the crime effected fewer than Madoff? Since when does Madoff become the measure? $700 million, hundreds out of jobs – this is still pretty egregious – or am I missing something? The toll Dreier’s crime took on individuals was devastating, just ask the hundreds of employees of the firm suddenly out of a job in a declining market. Maybe thousands didn’t loose their life savings like in Madoff’s, but to portray this major theft as nothing more than “a small group of hedge funds and other investors — who lost about $400 million — as well as hundreds of employees who lost their jobs when his law firm collapsed.” “Mr. Dreier is not going to get much sympathy from this court,” Judge Rakoff said, “but he is not Mr. Madoff from any analysis, and that’s why I can’t understand why the government is asking for 145 years.” Maybe the government is trying to send a message here with these crimes – you think!
In carrying out his scheme, Mr. Dreier sold fake promissory notes to the hedge funds and other investors. He created phony financial statements and accounting documents, and paid people to impersonate others to trick prospective investors into believing the notes were genuine.
Here’s the link to the full article: