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California Wins $15 Million From Madoff-Tied Settlement

By Tony Seruga

SACRAMENTO, Calif. — California will recover $15 million related to the vast Ponzi scheme engineered by Bernard Madoff as part of an agreement liquefying the $277 million estate of a Beverly Hills investment adviser, officials said on Friday.

The settlement ends a seven-year-old lawsuit filed by the state attorney general against Stanley Chais, a Beverly Hills investment adviser. Officials said he charged astronomical fees to invest hundreds of millions of dollars from more than 460 victims…

California Wins $15 Million From Madoff-Tied Settlement

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