Confessed Ponzi scheme operator Marc Dreier famously targeted investment funds for large portions of his near $400 million fraud. But his con also took several fashion players, including Nike Inc., Tommy Hilfiger USA Inc. and Diesel USA Inc., for smaller sums, according to a list of victims released in federal court last week.
The once-prominent head of Dreier LLP was sentenced to 20 years in prison last month after pleading guilty to charges including conspiracy, money laundering and wire fraud for selling hundreds of millions of dollars in bogus promissory notes to investors.
On Aug. 19, Judge Jed Rakoff, of U.S. District Court in Manhattan ordered that Dreier also pay restitution to his victims. Hedge funds Elliot Associates LP and Fortress Investment Group topped the list, owed $99.9 million and $84.4 million, respectively. However, Rakoff also ordered that Dreier make good with smaller investors including apparel firms Nike, owed $243,124; Coogi Partners LLC, owed $47,650, and Adidas America Inc., owed $6,258.
The 24-name list included a handful of other fashion firms owed less than $5,000, such as Tommy Hilfiger, Diesel, Seven For All Mankind, Rock & Republic Enterprises Inc. and Nautica Apparel Inc.
Court records did not immediately make clear how Dreier is to pay back his victims, though Rakoff ordered, in a July 17 ruling, that he forfeit millions of dollars worth of cash and property.
The 10-page list of assets included bank accounts, homes in the Hamptons and West Indies, an Aston Martin and a collection of contemporary art that featured works by Andy Warhol and Damien Hirst.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty