House arrest for lawyer in $400M fraud case

By: By LARRY NEUMEISTER, Associated Press Writer
By: By LARRY NEUMEISTER, Associated Press Writer

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.

(Copyright 2009 by The Associated Press. All Rights Reserved.)


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 39150962