A prominent Manhattan lawyer has pleaded guilty to defrauding hedge funds of more than $400 (AUD$525) million. Marc Dreier, 58, pleaded guilt to conspiracy to commit securities and wire fraud and money laundering yesterday, AP reports. Potential charges carry a prison term of 30 years in prison. Dreier was head of Dreier LLP, which has 250 attorneys. Authorities say Dreier received $670 million between 2004 and 2008 for the sale of fictitious securities.  

Former Enron CEO makes Supreme Court appeal 

Former Enron chief executive officer Jeffrey Skilling is asking the US Supreme Court to review convictions for his role in the collapse of the former seventh-largest company in the country. Skilling’s lawyer, Daniel Petrocelli, said the appeal was filed Monday, reports AP, asking the nation’s high court to consider whether the federal “honest services” fraud statute was applied correctly. Similar claims were rejected by the 5th US Circuit Court of Appeals in New Orleans, without a hearing.