Marc Dreier to Plead Guilty

According to the defense counsel for Marc Dreier, a prominent New York City attorney accused in a $700 million fraud, his client will plead guilty on May 11 to securities fraud and money laundering charges. The AP, courtesy of Forbes.com, had this regarding the deal.

Shargel says Dreier wants to enter the plea to demonstrate his acceptance of responsibility and his profound remorse.

Until December, Dreier had led a law firm with 250 attorneys and celebrity clients. He was arrested after hedge funds complained he was stealing from them.

Prosecutors say the 58-year-old could face a maximum of 30 years to life in prison.