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Associated Press - July 13, 2009 1:35 AM ET
NEW YORK (AP) - A prominent lawyer faces up to 145 years in prison for defrauding hedge funds out of more than $400 million in a scheme that involved faking documents and impersonating clients.
Marc Dreier is to be sentenced Monday in a Manhattan federal court. He pleaded guilty in May to charges including securities fraud and wire fraud, admitting he cheated investors with bogus claims that he had placed investments with former clients.
Prosecutors are pushing for the maximum sentence for the 59-year-old lawyer. His attorney says a prison term of 10 to 12 1/2 years is appropriate.
Dreier said in a letter to the court that he stole because he envied more successful colleagues and clients. His firm, Dreier LLP, represented notables including retired football star Michael Strahan.
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