No Bail for Prominent New York Attorney Accused in $400M Hedge Fund Scheme

NEW YORK – A prominent New York lawyer accused of a $400 million hedge fund rip off will remain in custody.

Magistrate Judge Douglas Eaton said Thursday he would not release Marc Dreier unless wealthy friends could put up $10 million in cash or property to secure a $20 million bond.

Dreier's lawyer said that isn't possible, and said an appeal is planned.

Prosecutors say Dreier could face 30 years to life in prison if he's convicted of securities fraud and wire fraud.

The 58-year-old defendant was arrested in early December. Dreier formerly led a firm with more than 200 lawyers.