Oct
30
Madoff Friend’s Estate Agrees to Pay $277 Million to End Suit
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Chais denied knowing about fraud and wasn’t charged in case
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Prosecutors say Chais bailed Madoff out in exchange for cash
The estate of one of Bernard Madoff’s oldest friends agreed to pay the con man’s victims $277 million to settle claims that the Beverly Hills money manager, who died in 2010, got rich from Madoff’s fraud at the expense of thousands of investors, including his own clients.
Stanley Chais, who was well-known in the U.S. and Israel for his donations to Jewish charities, was also one of Madoff’s earliest investors. But after the Ponzi scheme collapsed in 2008, Chais denied knowing about it, insisting he’d been duped along with everyone else. That didn’t stop the lawsuits against him, which his estate has been battling for years…
Madoff Friend’s Estate Agrees to Pay $277 Million to End Suit
