Dreier Investor Settles Ponzi Scheme Claims For $32M

By Andrew Scurria (October 15, 2014, 1:54 PM EDT) -- Westford Asset Management LLC has agreed to pay $32.2 million toward the Dreier LLP bankruptcy estate to settle claims that it reaped $137 million in tainted investment proceeds from the Ponzi scheme run by the Park Avenue law firm's founder, who will stay in prison instead of testifying.

The settlement, announced in open court on Thursday, resolves the last significant dispute in the Chapter 11 case, which began in 2008 when the firm's founder Marc Dreier was arrested under bizarre circumstances in Toronto and copped to running a promissory note scheme to prop up Dreier's finances.

The firm's bankruptcy administrator Shiela...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only

Court

Subscribers Only

Nature of Suit

Subscribers Only

Judge

Subscribers Only

Date Filed

Subscribers Only

Law Firms

Companies

Government Agencies

Judge Analytics

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!