Unraveled (2011)

 

Unraveled is a documentary film about Marc Dreier, a former Manhattan attorney, who was arrested in 2008 for orchestrating a massive fraud scheme that netted over 700 million dollars from hedge funds. This crime is often referred to as a Ponzi scheme. Here is some basic information about it:

** Produced by Marc H. Simon and Matthew Brian Baker

** Produced by Miranda Bailey and Steven Cantor

** Directed by Marc H. Simon

** Released on DVD in 2011

** Run time: 81 minutes

Marc Stuart Dreier (born 1950) was arrested in 2008. In 2009 he was sentenced to twenty years in prison. This film was shot during sixty days while Dreier was under house arrest in his own apartment, waiting for his sentence to be announced.

The prosecutor had asked for a sentence of 145 years, but the judge did not follow this suggestion. If Dreier lives long enough, he has the chance of meeting with his children when he is released from prison after serving for twenty year (or less, if the sentence is reduced for good behaviour).

PART ONE

In this film we see Dreier, who does most of the talking. He looks back at his life and his career. He pleaded guilty to the charges against him and in the film he repeats his confession. He did commit the crimes for which he was accused.

He “borrowed” money from some of his clients in order to finance his lavish life-style, which included a large apartment in New York, a large house on the beach in the Hamptons, an expensive boat, and an expensive car.

The lavish life-style was not only something that he wanted, it was also something that he needed in order to impress potential clients and to convince them that he was a successful attorney.

In order to pay back what he had “borrowed” from earlier clients, he would “borrow” from later clients. It was a never-ending circle. In order to continue, he needed more clients and more money.

When he was arrested, his life was turned upside down. It fell apart. While he was in house arrest, he had a chance to think about how and why this happened. Hence the title of the film: Unraveled.

Dreier has a son, who is seen in the film, but most of the conversation between father and son concerns something that they are watching on television. During the sixty days of house arrest, Dreier was not allowed access to the internet. He had a landline telephone and he could watch television. Armed guards were present at all times.

Dreier also has a daughter, but in 2009 she was still a minor and therefore she is not seen in the film. Dreier says he regrets hurting his family, but otherwise he does not want to talk about the members of his family.

In meetings with his attorney he discusses how long the prison sentence might be. They also discuss conditions in prison. Dreier hopes he will be placed in a minimum-security prison (which he was).

Another financial “wizard” Bernard Madoff is mentioned several times. Madoff, who was sentenced shortly before Dreier, was given 150 years in prison. Obviously, no person can serve this sentence in full. According to the judge, Dreier is not in the same category as Madoff, and this is why he decided to give him a shorter sentence.

PART TWO

Unraveled received some good reviews: on IMDb it has an average rating of 60 per cent. On Rotten Tomatoes it has a rating of 64 per cent. The official trailer includes three endorsements:

** Debbie Lynn Elias, Culver City Observer, says: “A #1 must-see film… You will be on the edge of your seat.”

** Stephen Farber, the Hollywood Reporter, says it is “one of the most incisive” documentaries about the financial crisis.

** Sarah LaBrie, LA Weekly, says it offers a “mesmerizing glimpse inside the mind of a white collar thief.”

I understand the positive reviews, but I cannot agree completely with them. For two reasons:

# 1. The film is one-sided, because we only hear Dreier’s side of the story. Even if he confessed, it is still one-sided. I think it would have been nice to hear from at least one of the victims in this case or perhaps from some independent observer of the financial scene.

# 2. Sometimes the film is a bit slow. Some scenes are worth-while, because something substantial is being discussed, but other scenes are not so interesting, because nothing much is happening or because the conversation is trivial. It seems the director just let his camera roll for hours and hours, and some of the trivial stuff ended up in the film as well.

Dreier is a symptom of serious problems in the financial sector in the US. His case reveals two negative elements. The first element is that this lawyer was ready to commit some serious crimes. The second element is that the financial oversight (the SEC) was so poor or non-existent that he was able to commit these crimes for several years without getting caught.

In the end he was not stopped because the financial authorities caught him, but because one of his numerous clients became suspicious of his activity. As we can see from this and other cases, the financial oversight was completely inadequate.

CONCLUSION
Unraveled is an interesting film, and I would like to give it a good rating, but I cannot forget the flaws mentioned above. I have to remove one star for each flaw. Therefore I think it deserves a rating of three stars.

PS # 1. For more information about the crisis in the financial sector, see the following items:

** The Madoff Affair. This film is an episode of the long-running program Frontline (season 27, episode 10, May 2009)

** Ripped Off: Madoff and the Scamming of America. This documentary film was shown on the History Channel in April 2009.

** Chasing Madoff (2011). This documentary film is written, produced and directed by Canadian filmmaker Jeff Prosserman. It is based on the book No One Would Listen by Harry Markopolos (2010, 2011)

PS # 2. Madoff is a movie that was shown on US television (ABC) in February 2016. The leading role is played by Richard Dreyfuss. The Wizard of Lies is a movie that will be shown on US television (HBO) in 2017. This time the leading role is played by Robert De Niro.

*****

 

Marc Dreier in his New York apartment

(this picture is a still from the movie)

*****