Dreier used funds for firm, artwork and investments according to lawyer (Headlines)
Marc Dreier, a New York lawyer accused of cheating hedge funds, lost part of the $380m that prosecutors say he stole in failed investments. The rest was used to repay the funds, cover his firmâ??s expenses and buy property, his lawyer said.
The US venture capital industry, an important source of capital for technology start-ups around the world, is facing a severe shake-out that will lead to a contraction in future investments, according to some of Silicon Valleyâ??s leading financiers.
Under the plan, Credit Suisse is to give its top bankers shares in a new $5bn fund of illiquid assets. The move is intended to link pay to the long-term performance of credit markets and limit the bankâ??s exposure to the securities.
The law firm Dreier LLP yesterday filed for bankruptcy protection after its founder was jailed and accused of cheating hedge funds out of more than $100m.