California Sues Philanthropist Over Madoff Ties
September 23, 2009 | Read Time: 1 minute
California Attorney General Jerry Brown filed suit Tuesday against Stanley Chais, calling the Beverly Hills money manager and philanthropist a “Madoff middleman,” reports the Associated Press.
The state is seeking at least $25-million in fines, as well as restitution, from Mr. Chais, who is already facing several investor lawsuits and federal civil fraud charges for allegedly funneling hundreds of millions of dollars of investments in Bernard Madoff’s Ponzi scheme.
Mr. Chais has denied having any previous knowledge of Mr. Madoff’s fraud, which he says cost him his own fortune.
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