Legal News

Shargel Tells Court: Dreier Has Cooperated, Does Not Pose Flight Risk

By Dan Slater

As expected, Gerald Shargel, the lawyer for Marc Dreier, made a renewed bail application yesterday in an attempt to spring his client from the Metropolitan Correctional Center, where he’s been held since his arrest last month.

Here’s the memo and here’s a report from the NYLJ. The bail hearing, before Southern District Magistrate Judge Douglas F. Eaton, will take place next Thursday.

Shargel argues that Dreier has cooperated fully with receiver Mark Pomerantz in identifying assets, and does not pose a flight risk. In the application, Shargel says that Dreier “never needed to be prodded nor pushed” to cooperate with Pomerantz.

Shargel, notes the NYLJ, also reminded the court that Dreier elected to return from Toronto even though he knew he would be arrested upon arrival in New York. “In fact, defendant had a private plane waiting for him at the airport in Toronto on Dec. 2, 2008, which could have taken him to any destination, but instead of fleeing” he “remained in Toronto to face questions from the Ontario Teachers Pension Fund even after representatives of the fund had told him on the phone they believed he was engaged in impersonation and fraud.”

Full post as published by Law Blog - WSJ.com on January 16, 2009 (boomark / email).