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A New York City grand jury has indicted a lawyer suspected of bilking hedge funds out of more than $400 million.

The indictment returned Thursday in federal court in Manhattan charges Marc Dreier with conspiracy to commit securities and wire fraud. Dreier also is charged with securities fraud and wire fraud.

Dreier led the law firm Dreier LLP, with 250 attorneys and celebrity clients including ex-New York Giants star Michael Strahan (STRAY'-han). He was arrested in December after hedge funds complained he was stealing from them.

Dreier has remained jailed, unable to post enough cash or property toward his $20 million bail.

Defense attorneys say he's cooperated with a receiver appointed by the court to take control of his assets.

Prosecutors say he could face 30 years to life in prison if convicted.


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