July 28, 2014
NEW YORK (AP) - A federal judge says a prominent New York lawyer accused of defrauding investors of more than $400 million can be freed under house arrest.
Judge Jed Rakoff on Thursday lifted financial requirements that had forced Marc Dreier to remain jailed.
Last month, a magistrate judge had required that Dreier produce $10 million in cash or property to secure a $20 million bail.
Dreier was arrested in early December on charges that he cheated hedge funds out of more than $400 million.
Prosecutors had asked that he remain jailed until trial, saying he was a high risk to flee.
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