A New York lawyer who pleaded guilty to devising a fraud scheme that conned hedge funds and investors of $700 million was sentenced to 20 years in prison.

Prosecutors recommended a prison term of 145 years -- five years shy of the 150-year sentence Bernard Madoff got for his multibillion-dollar Ponzi scheme -- but federal Judge Jed Rakoff said the case against Marc Dreier was different, The New York Times reported Tuesday.

Madoff pleaded guilty to bilking thousands of victims of billions of dollars. Rakoff said Dreier's victims were a small group of hedge funds and other investors, as well as employees who lost their jobs when his law firm went under.

"Mr. Dreier is not going to get much sympathy from this court," Rakoff said, "but he is not Mr. Madoff from any analysis ... ."

Dreier sold fake promissory notes to the hedge funds and investors, created sham financial and accounting documents, and paid people to impersonate others to trick prospective investors into believing the notes were genuine, the Times said.

Dreier pleaded guilty in May to eight charges in an indictment against him, including conspiracy, securities and wire fraud, and money laundering.