Judge Lets Ex-Money Manager Avoid Prison In Dreier Case

A former New Jersey money manager and one-time lawyer for the U.S. Securities & Exchange Commission was sentenced to two years of supervised release, avoiding prison time because of his apparent rehabilitation, for his part of a scheme to sell millions in fake promissory notes. Robert L. Miller had pleaded guilty to conspiracy to commit securities fraud, wire fraud and securities fraud in November, admitting that he helped disgraced lawyer Marc Dreier carry out the scheme. Miller characterized his actions Wednesday as ones committed by a "fearful, self-loathing suicidal alcoholic." Miller pretended on phone calls to be representatives from Canada's Ontario Teachers' Pension Plan and an Icelandic hedge fund in order to help Dreier sell a $44.7 million promissory note. Dreier paid Miller $100,000 for the impersonations, money Miller has already forfeited to the government. Posted in: Internal Fraud