Marc Dreier On 60 Minutes: Why I Defrauded Investors Out Of $400 MILLION
October 5th, 2009 LimauAis Marc Dreier
Some men buy sports cars, some men cheat on their wives. But, during his mid-life crisis Marc Dreier decided to defraud investors of $400 million.
In a 60 Minutes segment to air Sunday, Marc Dreier sat down for his first interview after being sentenced to 20 years in prison for an enormous if not quite Madoff-ian fraud that began in 2004.
From 2004 until 2008, Marc Dreier sold $700 million fake promissory notes and stole some $45 million from his client’s escrow accounts, according to this new Vanity Fair piece.
Here, Marc Dreier recounts his reasoning to CBS:
“I was very disappointed in my life. I guess some people would say maybe a lot of men reach a so-called midlife crisis. I was 52,” he tells Kroft. “I felt that I wanted my life to be more successful than it was and I saw this as the opportunity to do that in a very, obviously, shortsighted, foolish and selfish way. I had never done anything illegal before…but I remember being at a place in my life where I was perhaps desperate to better myself and to make a place for myself,” says Dreier.
Not surprisingly, his victims aren’t buying it.
WATCH a preview of Sunday’s segment:
Watch CBS News Videos Online
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| This entry was posted by LimauAis on Monday, 5th October 2009 at 2:02 am and filed under Marc Dreier. | |
