Ex-Broker Pleads Not Guilty In Dreier Fraud Case

Law360, New York (April 22, 2009, 12:00 AM EDT) -- Former stockbroker Kosta Kovachev reportedly pled not guilty on Wednesday to charges of conspiring with prominent New York attorney Marc Dreier in an alleged scheme to defraud hedge funds of over $100 million.

Kovachev, 57, pled not guilty to conspiracy to commit securities fraud or wire fraud, wire fraud and securities fraud before U.S. Magistrate Judge Andrew Peck in the U.S. District Court for the Southern District of New York, according to the reports.

The conspiracy charge carries a maximum sentence of 5 years in prison,...
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