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...

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