Bon Jovi's Former Lawyer Arrested for Fraud

11 months ago 10th Dec 11:45

A celebrity lawyer who formerly represented rocker Jon Bon Jovi has been arrested following allegations he fraudulently took over $100 million (£67.9 million) from two top hedge funds.Marc Dreier - who was already facing a charge of criminal impersonation by Canadian authorities - appeared in Manhattan Federal Court on Monday (08Dec08).

Investors big and small should take heed, especially in these difficult economic times, that con artists are out there and may go to elaborate lengths to commit fraud

He faces federal charges of Securities and wire fraud, according to the U.S. Attorney in Manhattan. Securities and Exchange Commission accused Dreier - who ran the 250-member firm Dreier Llp - of scheming to raise $113 million (£76.9 million) from the sale of phony financial statements.Sec Division of Enforcement director Linda Chatman Thomsen adds, "Our complaint alleges a stunning, brazen fraud that targeted some very sophisticated institutional investors."Investors big and small should take heed, especially in these difficult economic times, that con artists are out there and may go to elaborate lengths to commit fraud".Drier had been released on bail by a Toronto, Ontario court on Friday (05Dec08); he was arrested again late Sunday (07Dec08) at LaGuardia Airport after returning to New York from Toronto.