December 23, 2008
The New York Appellate Division for the First Judicial Department has suspended Marc Dreier:
The evidence gathered by the SEC and the United States Attorney's Office, and the sworn declarations annexed to the Committee's motion, none of which are controverted, relate that respondent was engaged in a fraudulent scheme to sell investors fictitious promissory notes, for a profit of over $100 million; and converted tens of millions of dollars from the Dreier LLP escrow accounts.
This Court has consistently held that an attorney who converts funds should be immediately suspended, prior to the conclusion of the disciplinary proceeding. The sheer magnitude of the alleged conversion in this case, and the fact that some of the acts in furtherance thereof allegedly took place while respondent was in a Canadian prison are cause for great public concern.
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The motion was filed on 19 December 2008 and acted upon by the court on the 23rd. This is the fastest that I've ever seen the First Department act. Usually it will take them months even on a request for an interim suspension. Clearly, this is a very high profile case.
The only other thing that I noticed was that they cite "a sealed criminal complaint by the United States Attorney's Office" as part of basis for the suspension. If it is sealed then they did or did not have access to the contents of that complaint? Assuming not, are the citing solely to the existence of a complaint? This is the first time I've seen this cited as a basis for action.
Posted by: FixedWing | Dec 23, 2008 1:08:41 PM