A former securities broker was charged yesterday with helping disgraced lawyer Marc Dreier trick hedge-fund managers into making more than $380 million in bogus investments, authorities said.
Kosta Kovachev, who lost his broker’s license after being implicated in a time-share Ponzi scheme, is accused of impersonating various real-estate execs as part of Dreier’s elaborate scam to sell hedge funds phony promissory notes, according to the feds.
Kovachev, 57, and Dreier reportedly sneaked into the Manhattan offices of Solow Realty to meet with hedge-fund representatives in October. During that meeting, Kovachev pretended to be the company’s controller, according to a Manhattan federal court complaint.
Kovachev also impersonated the company’s CEO during a conference call with Dreier and a representative of another hedge fund that later bought $100 million worth of phony notes from Dreier, according the complaint.
The suspect, who is charged with conspiracy to commit wire fraud, was ordered held yesterday after he was unable to make $100,000 in bail.
Dreier has been held without bail on securities fraud charges since his return earlier this month from Canada, where he was accused of impersonating a pension-fund lawyer.