Counsel: Disgraced NYC lawyer pleads guilty in May

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An attorney for a prominent New York City lawyer accused in a $700 million fraud says his client will plead guilty next month to all the charges he faces.

Defense attorney Gerald Shargel said Monday his client Marc Dreier (DRY'-ur) will enter the plea May 11 to securities fraud, wire fraud and money laundering charges.

Shargel says Dreier wants to enter the plea to demonstrate his acceptance of responsibility and his profound remorse.

Until December, Dreier had led a law firm with 250 attorneys and celebrity clients. He was arrested after hedge funds complained he was stealing from them.

Prosecutors say the 58-year-old could face a maximum of 30 years to life in prison.

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