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July 10, 2009

"Prosecutors Resort to Wealth Porn in Dreier Case"

The title of this post is the title of this entry at the WSJ Law Blog discussing the latest filings from the parties in the upcoming sentencing of Marc Dreier (basics here).  Here is the setting which a grand new term gets coined:

We turn back to Marc Dreier, who yesterday filed a motion asking that he be sentenced to no more than 12 ½ years for running a Ponzi scheme.  Now we return to the government’s response, also filed yesterday, in which asks New York federal judge Jed Rakoff to sentence Dreier to 145 years, in line with the federal sentencing guidelines.

The most interesting thing about the government’s filing was its inclusion of what we’ll call, for a lack of a better term, wealth porn: glossy photos of Dreier’s lavish lifestyle, including images of his yacht, beach front house in the Hamptons, and his $207,043.29 Aston Martin DB-9 convertible....

Our personal favorite is the image of the bedroom in his yacht, which features replete with wood and leather that appears mighty soft to the touch.  Obviously, the government is using the power of the image to try to claim Dreier was consumed by greed ─ a point Dreier virtually conceded in yesterday’s court filing ─ and deserving of no leniency in sentencing.

All of the filings in the Dreier case are really interesting, and I thought the arguments by Dreier's lawyers in this memorandum for a relatively "moderate" sentence (in the range of 10 to 12 years in prison) were especially thoughtful.  In light of nature and scope of  Dreier's crimes, however, I think the over/under on his sentence has to be in the range of 20 years.

July 10, 2009 at 10:02 AM | Permalink

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Comments

Doug, as you did initially in the Madoff case, I think you are being too optimistic in setting the over/under at 20. I think it has to be at least 40.

Posted by: Marc Shepherd | Jul 10, 2009 10:04:38 AM

You may be right, Marc, though this time my low bar is based in part on Judge Rakoff's history in the Adelson case. That said, you have yet again usefully reminded me why I do not try to make a living in Vegas.

Posted by: Doug B. | Jul 10, 2009 10:39:56 AM

The problem isn't the pictures. The problem is what the pictures reveal about Mr. Dreier.

Posted by: Bill Otis | Jul 10, 2009 10:41:38 AM

Really enjoyed reading your blog post. I will have to bookmark your site for later.

Posted by: palm springs hotels | Oct 29, 2009 10:28:57 AM

Don't exactly understand the point of the case but I can certainly say that a fair judgment must be done with it.

Posted by: RSA | Dec 7, 2009 3:55:49 AM

I usually skip blog post that have topics about the cases and the law but I made an exception with this one because it has an interesting topic that I would like to read.

Posted by: Display Centres | Dec 7, 2009 5:44:50 AM

I have not been into posts like this one in a long time and have not had all the details to this.

Posted by: business opportunity | Dec 21, 2009 3:11:54 AM

Do not know the guy so I can't comment on what he has done.

Posted by: Job | Jan 12, 2010 8:27:51 AM

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