Marc S. Dreier, once a well-known New York lawyer has been sentenced to 20 years in prison on Monday for financial fraud.

Marc S. Dreier, a prominent lawyer in Manhattan court, admitted that he had stolen more than 46 million dollars from hedge funds by selling them fake promissory notes.

Mr. Dreier's lawyer, Gerald Shargel, asked the court to sentence him for just 10 to 12 years in prison, while prosecutors were demanding imprisonment of 145 years for Marc Dreier.

However, Judge Jed Rakoff sentenced him 20 years in prison.

Lamenting over the development, Mr. Dreier said, "At this point, all I can do is express my shame and remorse."

Dreier also confessed that in 2002 he started stealing money from the settlement proceeds, which was meant for the clients.

It was in December when Mr. Dreier's fraud was discovered, signifying a loss to investors and clients worth more than $400 million.

Charges including money laundering, securities fraud and five counts of wire frauds were labeled against Mr. Dreier.

Earlier, with the stolen money, Dreier started leading a luxurious life.

59-year old Marc Dreier graduated from Yale University and Harvard Law School and started practicing in Manhattan.

The judge has ordered Mr. Dreier to start serving his sentence at once.