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October 28, 2016

Posted  October 28, 2016

California announced a $15 million settlement securing restitution for Californians who invested money with Beverly Hills-based investment adviser Stanley Chais, money that he then funneled into Bernard Madoff’s notorious Ponzi scheme. Chais was responsible for one of the largest operations channeling money directly to Bernard Madoff, violating California’s consumer protection and corporate securities laws. He deceived his clients, many of whom were elderly, into paying him substantial fees, claiming he was actively managing their money while in actuality turning their investments over to Madoff. As a result, many lost their life savings when Madoff’s fraudulent scheme was ultimately exposed in late 2008. CA

Tagged in: Ponzi Schemes,