Stanley Chais
Stanley Chais (March 27, 1926[1] – September 26, 2010) was a Beverly Hills, California investment advisor who operated "feeder funds" which collected money for funds related to the Madoff investment scandal.[2] He was born in Bronx, New York.
[edit] Involvement in Madoff's Ponzi scheme
Chais operated three funds that offered returns of up to 25%. He told clients that he achieved the returns using a complex combination of derivatives, stock, currency and futures trading. Instead, the funds were merely funneled into Madoff's Ponzi scheme.
On May 1, 2009 Irving Picard, bankruptcy trustee for Madoff Securities, filed a lawsuit[3] against Stanley Chais. The complaint alleges he "knew or should have known" he was deep in a Ponzi scheme when his family investments with Madoff averaged 40% and sometimes soared as high as 300%. It also claims Chais was a primary beneficiary of the scheme for at least 30 years, allowing his family to withdraw more than $1 billion from their accounts since 1995 - money that belonged to Madoff victims. The case number is Picard v. Chais, 09-01172.[4]
On June 22, 2009, the Securities and Exchange Commission filed civil fraud charges against Chais.[5]
On September 23, 2009, California Attorney General Jerry Brown filed a lawsuit against Chais seeking $25 million in penalties and restitution for victims. [2]
Chais died on September 26, 2010 at age 84 in Manhattan, where he and his wife had moved to further the treatment of a blood disorder that eventually took his life.[6]
[edit] Philanthropy
Chais founded the Chais Family Foundation, which donated extensively to organizations that preserve and further Jewish history and culture, from reestablishing and maintaining Jewish culture in areas where it was diminished by the Holocaust and by Soviet policy, to Israeli organizations.[7] "In Israel, Chais sat on the boards of Technion, Weizmann Institute and Hebrew University of Jerusalem."[8] The foundation, which had been funded through the Madoff scam, collapsed in December 2008 .[9]
[edit] References
- ^ Los Angeles Times (September 27, 2010)
- ^ a b Pfeifer, Stuart (September 23, 2009). "Financial advisor Stanley Chais sued in Bernard Madoff scheme". Los Angeles Times. http://www.latimes.com/business/la-fi-chais23-2009sep23,0,3042092.story.
- ^ Attorneys for Irving H. Picard (May 1, 2009). "Madoff: Lawsuit Against Stanley Chais". New York Times. http://documents.nytimes.com/madoff-lawsuit-againt-stanley-chais.
- ^ Standora, Leo (May 2, 2009). "Los Angeles investment manager Stanley Chais sued for funneling cash to Bernie Madoff fund". New York Daily News. http://www.nydailynews.com/news/2009/05/02/2009-05-02_los_angeles_investment_manager_stanley_chais_sued_for_funneling_cash_to_bernie_m.html.
- ^ "SEC fraud charges against Chais". The Wall Street Journal. June 22, 2009. http://online.wsj.com/public/resources/documents/chaiscomplaint20090622.pdf.
- ^ Pfeifer, Stuart; Sarno, David (September 26, 2010). "Stanley Chais dies at 84; money manager invested with Bernard Madoff". Los Angeles Times. http://www.latimes.com/business/la-me-stanley-chais-death,0,3602441.story.
- ^ eJewishPhilanthropy.com
- ^ Greenberg, Brad (February 11, 2009). "Israeli nonprofits honor Stanley Chais for years of charity". Jerusalem Post. http://www.jewishjournal.com/swindlerslist/item/israeli_nonprofits_honor_stanley_chais_for_years_of_charity_20090211/.
- ^ Rettig, Haviv and Hoffman, Allison. "$600 million in Jewish charitable funds lost". Jerusalem Post. http://fr.jpost.com/servlet/Satellite?apage=1&cid=1228728211183&pagename=JPost/JPArticle/ShowFull.
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