Marc Dreier, the New York law firm founder charged with defrauding hedge funds, will plead guilty to federal charges including conspiracy and wire fraud on May 11, his lawyer said.
Dreier sold more than $700 million in phony promissory notes to at least 13 hedge funds and three individuals, according to an indictment unsealed against him last month in federal court in New York. Victims lost more than $400 million, according to the charges.
Dreier, a graduate of Yale College and Harvard Law School, was arrested on Dec. 8 and charged with conspiracy, securities fraud and wire fraud. Prosecutors said he faces 30 years to life in prison if convicted.