It’s the final nail in the coffin for the legal career of Marc Dreier.
Dreier was sentenced to 20 years for securities fraud after swindling hedge funds, investors and clients out of hundreds of millions of dollars.
Disbarment, therefore, is not exactly a shocker.
The final order came last week, when the appellate division of New York’s Supreme Court ruled that his name will be “stricken from the roll of attorneys.”
After one takes the oath to join the New York bar, the judge calls the new attorneys up one-by-one to sign their names in a huge leather-bound book like all New York lawyers have done before them. Having your name “stricken” from that roll is the nightmare of everyone who signs it.
When Dreier pleaded guilty, he sent a letter to U.S. District Judge Jed Rakoff apologizing for his misdeeds. “I can’t remember or imagine why I didn’t stop myself,” Dreier wrote. “It all seems so obviously deplorable now,” he said. “I recall only that I was desperate for some measure of the success that I felt had eluded me,” he wrote, adding: “I lost my perspective and my moral grounding, and really, in a sense, I just lost my mind.”
It’s safe to say that when Drier put his signature in the books in May of 1976 he did not expect things to end this way.
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