Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

The Other, Smaller Ponzi Scheme

January 16, 2009 by Marion Maneker

If it weren’t for Bernie Madoff, Marc Dreier’s $380 million failed law firm/Ponzi scheme would have been a breath-taking scandal. As it is, Dreier is nearly forgotten. Bloomberg tells us that all of Dreier’s money went into the law firm, construction costs and buying property and art:

Among the assets Dreier says he owned, and which are now frozen, are two yachts, several Waverunner watercraft, cars including an Aston Martin and two Mercedes Benz, real estate in Manhattan, Sag Harbor, and the British West Indies, and 150 pieces of artwork. The art includes works by Henri Matisse, Roy Lichtenstein, Mark Rothko and Andy Warhol.

The law firm losses stem from operating expenses, capital expenditures, construction costs and security deposits, Dreier said.

Dreier Used Funds for Firm, Art, Investments, He Says (Bloomberg)

More from Art Market Monitor

  • What It Takes to Make It Selling Art in SingaporeWhat It Takes to Make It Selling Art in Singapore
  • WSJ Calls BS on Weathervane MarketWSJ Calls BS on Weathervane Market
  • Timothy Potts to Lead Getty as DirectorTimothy Potts to Lead Getty as Director
  • What Was End Goal of Jho Low’s Cascade of Loans Used to Buy Art?What Was End Goal of Jho Low’s Cascade of Loans Used to Buy Art?
  • Stolen Schoonhoven Had Crudely Altered TitleStolen Schoonhoven Had Crudely Altered Title
  • New Zealand Gets Its MastersNew Zealand Gets Its Masters

Filed Under: Fraud, Theft & Restitution

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor