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Text size [+][-]  Thursday September 9 2010GLOBAL EDITION

Considered view
08 Dec 2008 22:48

Undue diligence

Context News

The US attorney for Manhattan filed a criminal complaint dated December 4 alleging fraud by Marc Dreier, founder of New York law firm Dreier LLP. The Securities and Exchange Commission filed civil charges on December 8.



 

The US and the SEC are accusing the law firm founder of flogging hedge funds bogus securities. If true, the whole tale smacks of desperation. But it looks like a couple of hedge funds parted with millions based on fake documents. That doesn’t say much for their due diligence.

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More stories by:  Richard Beales






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