Marc Dreier, the once famous head of Dreier LLP and confessed operator of a major Ponzi Scheme, was convicted to twenty years of prison last month after being found guilty of multiple charges including conspiracy, money laundering and wire fraud. It was recently revealed that Dreier mostly targeted investment funds for large portions of his near $400 million fraud, but that the victims of his manipulations included fashion franchises as well. Nike Inc., Tommy Hilfiger USA Inc. and Diesel USA Inc., Seven For All Mankind, Rock & Republic Enterprises Inc. and Nautica Apparel Inc. all lost sums of money to Dreier and now, according to an August 19th ruling, will all be paid back.
Judge Jed Rakoff, of U.S. District Court in Manhattan ordered that
Dreier must pay restitution to all his victims. Hedge funds Elliot
Associates LP and Fortress Investment Group topped the list, owed $99.9
million and $84.4 million respectively. But Rakoff also ordered
that Dreier make good with smaller investors including apparel firms
Nike, owed $243,124; Coogi Partners LLC, owed $47,650, and Adidas
America Inc., owed $6,258. Tommy Hilfiger, Diesel, Seven For All Mankind, Rock & Republic Enterprises Inc. and Nautica Apparel Inc. all lost less then $5,000 but will still be paid the amounts owed in full. At the end of court time, it was not immediately make clear how Dreier will pay back
his multiple victims, though Rakoff ordered, in a July 17 ruling, that Dreier will
forfeit millions of dollars worth of cash and property.
Article Source: WWD
Photo Source: ceoworld.biz
Tags: Alia Rajput, designers, fraud, judegment, legally yours, Marc Drier, Nautica Apparel Inc., Nike Inc., restitution, Rock & Republic Enterprises Inc., Seven for All Mankind, Tommy Hilfiger USA Inc. and Diesel USA Inc.