- The Washington Times - Tuesday, March 17, 2009

NEW YORK (AP) - Prosecutors have unveiled a beefed up indictment against a New York lawyer suspected of bilking hedge funds out of about $700 million.

The indictment released Tuesday in federal court in Manhattan accuses Marc Dreier with money laundering, among other charges. Dreier was already charged with conspiracy to commit securities and wire fraud, securities fraud and wire fraud.

Until December, he had led a law firm with 250 attorneys and celebrity clients. He was arrested after hedge funds complained he was stealing from them.

The defense says he’s cooperated with a receiver appointed by the court to take control of his assets.

Prosecutors say he could face 30 years to life in prison if convicted.

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