Feb 5, 2009 1:35 pm US/Eastern
House Arrest For NY Lawyer In $400m Fraud Case
NEW YORK (AP) ―
A judge says a prominent New York lawyer accused of defrauding investors of more than $400 million can be freed under house arrest.
Federal judge Jed Rakoff in Manhattan on Thursday lifted financial requirements that had forced Marc Dreier to remain jailed.
Last month, a magistrate judge had required that Dreier produce $10 million in cash or property to secure a $20 million bail.
Dreier was arrested in early December on charges that he cheated hedge funds out of more than $400 million.
Prosecutors had asked that he remain jailed until trial, saying he was a high risk to flee.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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