He Accidentally Confessed to His Scams on Live TV

Who was the Bernie Madoff of Ponzi schemes before Bernie Madoff actually came along? Find out about this scammer in this video!

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Before Madoff
Marc Dreier's name may not ring any bells to the general public. If you don’t know about him, it’s because back in 2009, the top financial scandal of the decade was Bernie Madoff's huge ponzi scheme.

Dreier, Baritz & Federman
Growing up on Long Island, New York, Dreier garnered some positive attention from his class in Lawrence High School– they even named him "most likely to succeed."

Dreier Model
In 2006, Dreier founded his law firm as the sole partner and head of operations. Dreier LLP had offices in five cities. The company, which was run like a corporation, had him as the exclusive equity partner, meaning he had control over finances and administration issues without any executive committee or partners.

Dreier LLP
Dreier LLP became a booming business; many of its attorneys were said to have received large bonuses upwards of $50,000 every two weeks. While his law firm kept snowballing, Dreier's ambition made him want more and more.

Expensive Tastes
If a particular trait distinguished Dreier, it was his need to show off his fortune. He had built himself a very public and lustrous reputation as a billionaire because, as he says, "you don't succeed quietly in this town."

Ponzi Origination
How exactly was he able to trick several hedge funds into giving him money in the first place? It seems it was a response to necessity: his business model for the law firm had failed, and he had to find ways to make money to maintain his lifestyle and business.

The Fall
In early November 2008, Dreier received a phone call from Tom Manisero, a lawyer from the actual audit firm that managed Solow's assets. He told Dreier he had received a report about someone using a fake letterhead to promote a real estate investment on Solow's behalf.

The Act
Dreier's relentless impersonating brought the whole thing home. He went as far as necessary to convince clients and hedge funds that he had all the legal resources to put their money to good use.

Media Interviews
A year had gone by, and Dreier, still under arrest in his Beacon Court apartment, decided to grant an interview to 60 Minutes. In it, he went into detail on the motives behind his decisions, the lengths he had to go to for the scam to be successful, and the reasons why he had used the money the way he did.

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