Marc Dreier on “60 Minutes”: Ponzi scheme driven by pure ambition

TRD MIAMI /
Oct.October 05, 2009 11:20 AM


In his first television interview since being sentenced to 20 years in federal prison, Ponzi schemer Marc Dreier sat down with Steve Kroft of “60 Minutes” to discuss how and why he defrauded investors of nearly $400 million. Dreier, a Manhattan lawyer, said he “fell into the trap of wanting to be more successful than [he] was,” which led him to convince hedge funds to invest in the company belonging to his former client, Sheldon Solow, who had no idea what Dreier was up to. The scheme allowed Dreier to fund not only his law firm, Dreier L.L.P., but also his luxurious lifestyle including a Manhattan triplex for which he said he paid $10.5 million; an $18 million, 120-foot yacht with a crew of 10; and an $11 million oceanfront home in the Hamptons. “I thought if someone would ever interview me for a program like yours it would be for something good I’ve done not for something humiliating,” Dreier said. Asked how he got away with it, he mused, “I guess I heard a long time ago, too, that the more money you look for the fewer questions people ask sometimes.”


Related Articles

arrow_forward_ios
Ernesto Weisson and Roberto Cortes allegedly ran the Ponzi scheme with a third partner, Juan Carlos Cortes (not pictured). (Credit: Ocean Reef Club)

Latin American investors allegedly lost $250M in Miami real estate Ponzi scheme: lawsuit

Latin American investors allegedly lost $250M in Miami real estate Ponzi scheme: lawsuit
Daily Digest Miami

Airbnb fights against Palm Beach County’s requirement, what’s next for Barneys: Daily digest

Airbnb fights against Palm Beach County’s requirement, what’s next for Barneys: Daily digest
Former offices of South Florida’s biggest Ponzi schemer now available to lease

Former offices of South Florida’s biggest Ponzi schemer now available to lease

Former offices of South Florida’s biggest Ponzi schemer now available to lease
National Cheat Sheet: San Francisco’s luxury homes are selling faster than those in any other US market … & more

National Cheat Sheet: San Francisco’s luxury homes are selling faster than those in any other US market … & more

National Cheat Sheet: San Francisco’s luxury homes are selling faster than those in any other US market … & more
Rapid Realty hit with racketeering lawsuit from franchisee lender

Rapid Realty hit with racketeering lawsuit from franchisee lender

Rapid Realty hit with racketeering lawsuit from franchisee lender
Bar Works founder Renwick Haddow agrees to extradition: SEC

Bar Works founder Renwick Haddow agrees to extradition: SEC

Bar Works founder Renwick Haddow agrees to extradition: SEC
Bar Works victims sue JPMorgan for allegedly helping Ponzi scheme

Bar Works victims sue JPMorgan for allegedly helping Ponzi scheme

Bar Works victims sue JPMorgan for allegedly helping Ponzi scheme
Black’s money: A bizarre co-working scheme and the global rise of online real estate fraud

Black’s money: A bizarre co-working scheme and the global rise of online real estate fraud

Black’s money: A bizarre co-working scheme and the global rise of online real estate fraud
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...