Dreier Swindle Now $380 Million: Perella Weinberg Duped

As the world digests the Bernie Madoff Ponzi news, the investigation into the other recent big-name con continues. Investigators now conclude that Marc Dreier, the New York lawyer busted for criminal impersonation in Toronto two weeks ago, stole more than $380 million.

Among other victims: Perella Weinberg, which bought $45 million of bogus promissory notes, and Nick Maounis, the former proprietor of Amaranth, who now (of course) runs a new hedge fund. Dreier LLP's escrow accounts are missing $35 million, and $30-$40 million of art has disappeared from the firm's walls.