Madoff Associate Says Fraud Wiped Out Family Foundation
May 4, 2009 | Read Time: 1 minute
A money manager who was sued on charges that he profited from Bernard Madoff’s investment swindle says he and his family charity were instead victims of the disgraced financier, reports the Associated Press.
Stanley Chais said his Chais Family Foundation, which contributed millions of dollars annually to Jewish causes, was wiped out by Mr. Madoff’s multibillion-dollar Ponzi scheme.
In a complaint filed Friday in bankruptcy court, Irving Picard, the trustee handling the Madoff case, asserts that Mr. Chais — described in court papers as “the first speed-dial entry” on phones at Mr. Madoff’s firm — should forfeit more than $1-billion he earned on Madoff investments to help pay bilked investors’ claims.
(Free registration is required to view this article on the Boston Globe Web site.)
