NY trustee in Madoff scandal sues LA money manager

May 2, 2009 06:52

A court-appointed New York City trustee is suing a Los Angeles money manager he said directed hundreds of millions of dollars in investments to financier Bernard Madoff. Trustee Irving Picard said in a complaint filed Friday in Bankruptcy Court that Stanley Chais and his family made more than $1 billion in false earnings off Madoff's scheme. He claimed the money came from the pockets of burned investors, and that he wanted the money returned. Chais lawyer Eugene Licker said that the Chais family had suffered "astounding and ruinous losses from the Madoff scheme." Madoff pleaded guilty in March to charges his secretive investment advisory operation was a pyramid scheme. He faces up to 150 years in prison.

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