Marc Dreier, the attorney who made newspaper headlines for swindling investors just before Madoff got caught, will plead guilty on May 11 to all charges found in his indictment.  Dreier was accused of several counts of fraud after running a $700 million dollar scheme that consisted of selling bogus promissory notes to investors.

Dreier is represented by Lawline.com faculty member, renowned defense attorney, Gerald Shargel.  Dreier apparently sold notes to thirteen different funds and three individuals.  The notes were issued by Sheldon Solow, a developer and client of Dreier’s.  Dreier pretended to be selling them at a discount but instead funneled the funds through his firm and paid back investors from new investments.

There was no plea bargain, but it seems that Dreier is looking for the simple compassion of the court by taking responsibility for his accounts.  Shargel is quoted in the New York Law Journal as saying, “He wants to end it because he accepts responsibility for what he did….he simply went off the tracks.”

At least five of Dreier’s counts have a potential jail sentencing of twenty years or more.   How do you think the court will respond to Dreier’s call for redemption?