The receiver assigned to run a prominent Manhattan law firm after its founder was charged in a massive fraud says the firm will seek bankruptcy protection.
In a recent letter to a federal judge, the receiver said founder Marc Dreier also may seek protection too.
Prosecutors have accused the 58-year-old Dreier of tricking hedge funds into making bogus investments. They say losses could top $380 million.
He ran a mid-size law firm that has represented celebrities including retired football star Michael Strahan and former News Corp. publishing executive Judith Regan.
