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PONZI

Madoff's #1 Speed Dial Sued

Trustee seeks $1 billion from Stanley Chais.

With Bernie Madoff locked away, it looks like money manager Stanley Chais is next to blame. Chais, who has suffered "ruinous" losses from the Ponzi scheme, was a close friend of Madoff and— the real giveaway—the first entry on his company speed dial. Now, Madoff’s court-appointed trustee is suing Chais for $1 billion to pay claims from thousands of other victims. Chais maintains that he was a victim of the Ponzi scheme just like everyone else. Because he enjoyed such high rates of return–between 40 and 300 percent–during his years of investing with Madoff, some think there is no way Chais wasn’t in on the crime.

Read it at Associated Press

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