California AG Sues Investment Advisor Linked to Madoff

Attorney General Jerry Brown filed suit Tuesday against Beverly Hills investment adviser Stanley Chais, who is accused of directing hundreds of millions of dollars of client investments to Bernard Madoff.

This suit seeks at least $25 million in civil penalties, restitution for victims, disgorgement of profits and compensation, and an injunction prohibiting future violations of California law.

“For decades, Stanley Chais posed as an investment wizard, but in truth, he was nothing more than a Madoff middleman, channeling hundreds of millions of dollars in investor funds to his friend's Ponzi scheme,” said Brown in a statement...

LA Business Journal: AG Sues Investment Advisor Linked to Madoff