Money manager at top of Madoff speed dial is sued

AP ^ | 05/02/09

[TigerLikesRooster]

Money manager at top of Madoff speed dial is sued

By TOM HAYS, Associated Press Writer – 59 mins ago

NEW YORK – As the first speed dial entry at Bernard Madoff's investment firm, longtime money manager and close friend Stanley Chais must have known about the disgraced financier's multibillion-dollar Ponzi scheme, a complaint filed in Bankruptcy Court claims.

But Chais has insisted he was a victim of Madoff. The swindle, he said, wiped out the Chais Family Foundation, which made millions of dollars in annual contributions to various Jewish charges.

[TigerLikesRooster]

Ping!

[dennisw]

Chais the swindler got swindled!

[dennisw]

Con man Bernard L. Madoff's marks

Sarah Mandell and Bob Chew of Montrose, Colo., say they saw their life savings wiped out in a Ponzi scheme after investing more than $600,000 with family friend and trusted adviser Stanley Chais of Beverly Hills.

December 19, 2008

[dennisw]

Kevin needs a new haircut but Bernie Madoff gave him a close one

Con man Bernard L. Madoff's marks

Kevin Bacon, left, and his wife, actress Kyra Sedgwick pose on the press line at the TV Guide Emmy after party in Los Angeles. The couple had investments with Bernard Madoff and were affected by his Ponzi scheme.

[TigerLikesRooster]

Kyra is aging.

[Wolfie]

Beats the alternative.

[PennsylvaniaMom]

I am sure that Bacon/Sedgwick will come out ok (maybe, when times get better she re-do the wonky implants). They are celebs...they can generate funds much, much easier than the rest of the great unwashed masses. The people I feel for are the ones who have trully lost their homes and are scrambling for day to day living costs...that is heartbreaking. Possibly loosing the summer in the Hamptons, not so bad.

[trisham]

She looks better than Bacon.

[primatreat]

Bet she has to eat bacon instead of cake!

[Veto!]

Happy to learn you’re not aging. What’s your secret?

[TigerLikesRooster]

Did I say I am not? When Hollywood celebrity types are aging, it tends to stand out. Sometimes there is more than 10 years difference between on-stage appearance and off-stage.

Anyway, if somebody is making a living out of youth, when she gets old, people notice.

[dennisw]

Indie movies are getting hit now the same way the record biz did by so called “file sharing”

Indie movie makers used to get advance commitment and funding from Europe and abroad but due to “piracy issues” the money ain’t there like it used to be. Kevin is in indie movies sometimes and same for Kyra

So Kev and Kyra are going to have a hard time making up what Bernie took from them

[TigerLikesRooster]

They can always beg to Jackie “I love to be controlled” Chan. He publicly said that he won't bequeath his money to his numerous children and wives. There should be enough slice for bankrolling more than a few indie movie-makers.

[dennisw]

Yeah Jackie Chan made some very complimentary remarks about the ChiComns. I blinked because I thought that was something Jet Li would say. Jackie's has problems because he isn't nearly as funny as Chris Tucker

[TigerLikesRooster]

It is ironic that information age is breaking down business model of entertainment industry. If this trend continues, they will be relegated to uploading their gig on YouTube and begging for pennies per view.

[TigerLikesRooster]

Some people, who make a living out of comic clownish gigs and become wildly successful, try to venture out to get some serious respect later in life. Jackie could be one of them.

Since late 70's, his trademark has been comic Kungfu movies, even before he became a smash hit in the West. While his Kungfu skill is real, most of his movie have been comic.

[dennisw]

Since late 70's, his trademark has been comic Kungfu movies, even before he became a smash hit in the West. While his Kungfu skill is real, most of his movie have been comic.

I would compliment Jackie for being in excellent shape for a 53 year old guy
Last year his father died. His dad had a Chinese restaurant in Australia.
Having a famous son must have helped business <grin>

I don't see a lot of Kung Fu movies but my favorite are early Jean Claude Van Dam "BloodSport" and Kick Boxer"
And the first three by Steven Segal  (Above the Law)

[Liz]

THE RELIGIOUS, SOCIAL, AND BUSINESS LABYRINTH
(4800 INVESTORS) MADOFF USED TO RAKE IN BILLIONS.

MAP IS INTERACTIVE AT WEB SITE

WEB SITE http://news.muckety.com/2008/12/28/madoff-used-social-family-networks-to-rake-in-billions/9031

CHAIS FEEDER FUND Brighton Co Investments is headed by Stanley Chais, a Beverly Hills "philanthropist" who served on "charitable" boards with Madoff. Chais (pronounced Chase) told the Jewish Journal of Los Angeles that he personally invested with Madoff but also "facilitated" others who wished to do likewise. However, spokesmen for the SEC and the California Dept of Corporations said they could find no record of Chais registering as an investment advisor or a broker.

Stanley Chais offers remarks at the Weizmann Institute of Science.

[Liz]

Chais said the Madoff swindle wiped out the Chais Family Foundation, which made millions of dollars in annual contributions to various Jewish charges.

If Chais took out any monies from the Madoff operation that went into the Chais Family Foundation, the money has to be returned so that it can be redistributed to the investors swindled by Madoff. Comes under the legal principle of "fraudulent conveyance"....means one cannot legally profit from a fraud.

4/24/09
MADOFF TRUSTEE: INVESTORS NEED TO RETURN 'PROFITS'
By CLEMENTE LISI, NY POST

EXCERPT The Irving Picard, court-appointed trustee of Madoff's defunct firm, attempting to unravel Bernie Madoff's Ponzi scheme is threatening legal action in a bid to recover a whopping $735M from investors who unwittingly made money off the swindle. Letters were sent to 223 investors ordering them to return money they withdrew before the $64B scheme collapsed, The WSJ reported. For decades, Madoff, 70, paid out profits, telling clients the money came from the stock market. The modest gains, however, were the stuff of fiction...Madoff pleaded guilty to stealing from some investors to pay bogus profits to others. But lawyers representing some of those investors who took profits say they plan to challenge their legality.

http://www.nypost.com/seven/04242009/news/regionalnews/madoff_trustee__investors_need_to_return_166020.htm