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.