Broker, Dreier Conspired In $100M Scheme: Feds

Law360, New York (December 29, 2008, 12:00 AM EST) -- Former stockbroker Kosta Kovachev has been arrested on charges of conspiring with prominent New York attorney Marc Dreier in an alleged scheme to defraud hedge funds of over $100 million.

Kovachev has been charged with one count of conspiracy to commit wire fraud, which carries a maximum sentence of 5 years in prison and a fine of the greater of $250,000 or twice the gross gain or loss from the offense, according to a statement issued by the U.S. Department of Justice.

Dreier, the founder and...
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