Another day, another financial industry arrest

December 23, 12:45 PMScam ExaminerKarin Malchow

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New York attorney Mark Dreier's December 8 securities fraud arrest was overshadowed when Bernard Madoff was charged December 11 with allegedly operating a hedge fund Ponzi Scheme.  A second arrest today of alleged Dreier confederate, Kosta Kovachev, a former broker posing as a real estate developer CEO, may renew interest. 

Dreier's bizarre subterfuge involving forged investments and impersonating financial officers to fool hedge fund managers could make a good movie someday after the lawsuits (especially likely after ruining a multi-city law firm) and collateral damage are sorted out.  Two books are already in the works about the Madoff affair.

Dreier's scheme lost only an estimated $380 million compared to Madoff's $50 billion.

It's all relative.  Both figures seem astronomical to those figuring out how to pay Christmas bills or a mortgage, but almost minuscule in light of financial industry bailout projections of trillions.