Hamptons allure drove Dreier to $380 million Ponzi scheme, he says

Sep.September 29, 2009 01:46 PM
alternate text
Dreier and his two Hampton homes

The driving force behind Marc Dreier’s $380 million Ponzi scheme was
simple: he wanted a beachfront house in the Hamptons, according to a
new interview
with Vanity Fair’s Bryan Burrough. The Manhattan lawyer,
59, who is currently serving a 20-year federal prison sentence for
fraud in the Chicago Metropolitan Correctional Center, said he thought
it would make him “happy again” after a series of professional
disappointments and a painful divorce. And so, Dreier explained, he
began by selling the non-existent debt of client and New York real
estate developer Sheldon Solow to hedge funds. “I was very, very
caught up in seeing the criteria of success in terms of professional
and financial achievement, which I think was a big part of the
problem,” Dreier said. His scheme unraveled when he was caught
impersonating a Toronto lawyer, just five days before news of the
Bernard Madoff scandal broke.

Related Articles

Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash

Totally accurate predictions for the long-term impacts of coronavirus on real estate: office-to-mall conversions, wide elevators and more (Credit: iStock)

Small Talk: Wildly Accurate Predictions for the Long Term Impacts of Coronavirus on Real Estate

The superrich are fleeing NYC in droves, pushing South Fork rental prices way up. (Credit: Sue via Flickr)

“I’ve got a blank check. Make it happen:” Hamptons brokers on the great coronavirus migration

With the kids out of school, wealthy families look to weather the coronavirus storm in rentals out east (Credit: iStock)

The 1% are shelling out $400K on Hamptons rentals as NYC shuts down

(Credit: iStock)

The South Fork is having its worst year since the financial crisis

Adam Neumann and his Hamptons home (Credit: Jackal Pan/Visual China Group via Getty Images, Out East)

Adam Neumann parts with Hamptons home at a loss

Ken Griffin and Calvin Klein’s Hamptons compound (Credit: Getty Images, Google Maps)

Ken Griffin in contract for Calvin Klein’s Hamptons compound

Zach and Cody Vichinsky of Bespoke Real Estate (Credit: Getty Images)

Hamptons’ Bespoke Real Estate and former employee tangle over trade secrets