Dreier Describes Downfall in Letter Seeking ‘Rational’ Term for Fraud, Theft

Marc Dreier sent a confessional letter Wednesday to the judge who will sentence him next week, describing in remarkable detail how he funded Dreier LLP's expansion by committing frauds totaling more than $400 million. Facing a recommendation that he serve the rest of his life in prison but pleading for a measured sentence, Dreier said his downward spiral began with a simple theft from a client settlement fund and ended at a point at which he found himself "running a massive Ponzi scheme with no apparent way out."