Arrested and jailed since December 7, the renowned New York lawyer Marc Dreier was indicted on Thursday by a US grand jury - the charges relate to a securities scam in what was supposedly an investment scheme.

According to a statement by Lev Dassin, acting US Attorney in New York, Dreier's indictment was based on charges "stemming from an alleged fraud against various investment funds and misappropriation of law firm client funds involving losses of more than $400 million."

The indictment also implies the surrender of all of Drier's earnings from the scam, in addition to the forfeiture of his property, inclusive of real estate, a yacht and art works. 
Dreier's attorney Gerald Shargel said: "The indictment was not unexpected and there were no surprises." If convicted, Dreier, 58, could be sentenced for 20 years, along with hundreds of thousands of dollars in fines.

From 2004 through December 2008, Dreier - the founder and managing partner of the Dreier LLP law firm - was allegedly involved in a conspiracy to vend counterfeit notes purportedly issued by a New York real estate developer and by a Canadian pension plan.  

Last week, Dreier failed to satisfy the bail conditions - $20 million with collateral and a minimum of four co-signers of the bond - set by a magistrate judge in US District Court in Manhattan. Since Dreier could offer only two co-signers, his mother and his son, he is still in jail!