Madoff's man in LA?

Stanley Chais wasn't nearly as well know as Bernard Madoff on Wall Street. But in Los Angeles, he was hardly obscure. Reuters describes him this way: "A money manager for 40 years, Chais built a clientèle that included many among the wealthy Jewish communities in the suburban San Fernando Valley north of Los Angeles, where he was known as a stock market wizard whose clientèle was exclusive."

But the two were tightly linked according to prosecutors. Chais, 83, has been charged by the SEC with "ignoring red flags as he funneled money to his New York counterpart." That counterpart would be Madoff. Lots of Chais's clients have been wiped out, including some charities. It all sounds like a mini-version of the Madoff scandal. You have to wonder how deep the investigation will probe into feeder funds. 

For more:
- here's the article

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