Marc Dreier's scandal, the most brazen of all

April 2, 2009 | By Jim Kim

Marc Dreier ought to send Benard Madoff a thank you note. Their scandals broke in the media about the same time. While the attention to Madoff has been enormous, the attention to Dreier has been scant. Fortune suggests Dreier's was a more brazen crime, if not as big. Dreier is charged with selling massive amounts of bogus debt obligations to nearly 40 investment funds run by sophisticated asset managers--the likes of Fortress Investment Group, and later Perella Weinberg Partners and Blackstone Group.

How he was able to do this is astounding. He sometimes talked his way past guards and set up shop within office to sell his stuff. He kept on stealing even after he was caught but before assets could be frozen. All the while, he ran a law firm that seemed to do some legitimate business, and he was the sole partner. He's now under house arrest.

For more:
- here's the article