Marc Dreier — the other Bernie Madoff – who pleaded guilty to defrauding hedge funds of more than $400 million, thinks his sins warrant a prison term of as little as 10 years. Prosecutors are asking for 145-year sentence. Bloomberg has the story on the sentencing memos filed today in federal court in Manhattan.
The disgraced lawyer called his crimes “inexcusable” in a letter attached to the memo, but his lawyer asked U.S. District Judge Jed Rakoff to give Dreier a break.
“In seeking some measure of leniency we appeal not to sympathy but to reason,” defense attorney Gerald Shargel wrote in his legal brief. “As colossal frauds capture national headlines, sentences for white-collar offenders must not become disproportionately long.”
If Rakoff doesn’t sentence Dreier to 145 years, he should impose a sentence that keeps Dreier socked away for the rest of his life, the government argued in its filing.
“This defendant, an officer of the court, engaged in a more than $740 million series of frauds over a seven-year period largely to finance a personal life of extraordinary lavishness,” wrote Assistant U.S. Attorney Jonathan Streeter.
Dreier used investors’ money to prop up his money-losing, 250- attorney law firm, Dreier LLP. He paid off some of the victims of the scam, but he also spoiled himself with toys, like a 121-foot yacht, vacation homes in the Hamptons, and a $39 million art collection.
Last week, Madoff was sentenced to 150 years in prison for orchestrating a decades-long Ponzi scheme that cheated investors out of billions of dollars.