Lawyer pleads guilty to huge fraud

Prominent Manhattan lawyer Marc Dreier on Monday pleaded guilty to conspiracy to commit securities and wire fraud, securities fraud, wire fraud and money laundering in a case in which he allegedly defrauded hedge funds of more than $400 million. The charges carry a potential prison term of 30 years to life.

Dreier, 58, headed his own firm, Dreier LLP, with 250 attorneys. He was first arrested in Canada on impersonation charges after hedge funds complained that he was stealing from them. Freed in Canada on bail, he flew to New York City, where he was arrested by federal authorities at the airport.