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!
Update – Dreier (Heard About This One?)
I still can’t understand why some frauds receive much publicity, while others equally deserving and in the public’s eye receive next to no attention. This Connecticut fraud involved an attorney who single-handedly brought down a multiple office law firm employing hundreds of lawyers and staff. Yet the only place I see any media coverage is within the Connecticut Law Tribune, …
Connecticut Tops National Average… In Embezzlements
Another proud day to be residing in my home state of Connecticut. In yesterday’s article “Gambling Takes A Toll” in the Journal Inquirer, writer Keith Phaneuf reviews a study relating to gambling as our Governer Rell and lawmakers debate the idea of allowing more gambling in the form of Keno within our state. With regards to embezzlement, he writes that state and federal authorities made 43 arrests in 1992, and 214 in 2007, a 400% increase. No other state with more than 40 embezzlements in 1992 reported as high an increase in these crimes. The national increase was 38%, so we beat the national average as well.
I'M Back!
Sorry for the break in my postings. Writing books, re-writing my class at UConn, and having our web site and blog completely redesigned has distracted me from maintaining the blog posts. The good news – I am back, and there has been plenty happening relating to fraud and financial malfeasance. The bad news (for victims of these types of crimes), …
Starting Younger and Younger
Barry Minkow started ZZZZ Best while in high school and began his fraud activity shortly thereafter (if not from the very inception). Thanks to all the great role models of today’s society, significant frauds are being perpetrated at much younger ages. Searching the news on-line today I found the typical garden variety of embezzlements – PTA mom, Little League coach, …