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

TRD NEW YORK /
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

arrow_forward_ios
Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash

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

Chris Coleman and Mickey Drexler's former property at 8 Old Montauk Highway

Saunders’ No. 1 agent Chris Coleman jumps to Compass

From left: 263 Surfside Drive and Ivan Kaufman with 901 and 939 Scuttle Hole Road (Credit: VHT Studios, Arbor)

The 10 priciest Hamptons home sales of 2019

Clockwise from top left: Andrew Saunders of Saunders & Associates, Cia Comnas of Brown Harris Stevens, Nanette Hansen of Sothebys, Ernie Cervi of Corcoran, Marty Gleason of Corcoran, Ed Reale of Sothebys, Robert Nelson of Brown Harris Stevens and Theresa Quigley of Saunders & Associates

Take that, Zillow: Hamptons firms’ listings site goes live this week

Southampton home once owned by Mel Brooks and Anne Bancroft sells

Southampton home once owned by Mel Brooks and Anne Bancroft sells

Tri-State Promo

TRD’s Fall Tri-state issue drops soon!

arrow_forward_ios
Loading...