Disgraced New York lawyer Marc Dreier may have ripped off a $37.5 million client escrow account – figuring he could replace the money by selling off his firm’s art collection, according to court papers.
The jailed founder of 250-lawyer Dreier LLP – who was charged Sunday night by the feds with a scheme to cheat two hedge funds out of $100 million – “implicitly” admitted to misappropriating the client funds, the documents allege.
He also allegedly managed to transfer another $10 million in escrow money by phone to his personal account as he sat in a Toronto jail last week.
Dreier was arrested in Canada Dec. 2 on charges related to those that led to his arrest in New York.
According to Provenzano, Dreier LLP offices were decorated with up to $40 million worth of art.
Dreier is slated to appear in court this morning for a bail hearing.