{"id":3895,"date":"2016-10-28T11:13:36","date_gmt":"2016-10-28T16:13:36","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3895"},"modified":"2022-03-22T12:54:14","modified_gmt":"2022-03-22T17:54:14","slug":"estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/","title":{"rendered":"Estate of Bernie Madoff\u2019s Friend to Pay Trustee Irving Picard Over $262M\u00a0"},"content":{"rendered":"<div class=\"AppleOriginalContents\">\n<blockquote>\n<div class=\"WordSection1\">\n<div class=\"\">\n<div class=\"\">The estate of Stanley Chais has agreed to pay the victims of Bernard Madoff\u2019s Ponzi scam $277M to settle claims accusing Chais, a Beverly Hills manager, of enriching himself through the fraud while costing thousands of investors, including his own clients, money.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\">Chais was one of Madoff\u2019s oldest friends and one of his earliest investors. When the multi-billion dollar scam failed eight years ago, however, Chais claimed he had been fooled by Madoff, too, and that he knew nothing about the fraud. Yet he and his estate have since been the subject of securities fraud cases related to the Madoff Ponzi scam for years. Chais died in 2010.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\">Now, his estate has agreed to pay Madoff trustee Irving Picard over $262M, as well as $15M to California\u2019s attorney general to settle a class action case. Picard had accused Chais and his wife Pamela, as well as entities under their control, of allegedly making about $1B from bogus securities transactions conducted by Madoff\u2019s firm. Chais also earned hundreds of millions of dollars as a money manager for sending his customers\u2019 money into Bernard Madoff\u2019s financial firm.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\"><\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n<\/div>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/#more-3895\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The estate of Stanley Chais has agreed to pay the victims of Bernard Madoff\u2019s Ponzi scam $277M to settle claims accusing Chais, a Beverly Hills manager, of enriching himself through the fraud while costing thousands of investors, including his own clients, money. Chais was one of Madoff\u2019s oldest friends and one of his earliest investors. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792],"tags":[2568],"class_list":["post-3895","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams","tag-madoff-ponzi-scam"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Estate of Bernie Madoff\u2019s Friend to Pay Trustee Irving Picard Over $262M\u00a0 &#8212; Investor Lawyers Blog &#8212; October 28, 2016<\/title>\n<meta name=\"description\" content=\"The estate of Stanley Chais has agreed to pay the victims of Bernard Madoff\u2019s Ponzi scam $277M to settle claims accusing Chais, a Beverly Hills manager, &#8212; October 28, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Estate of Bernie Madoff\u2019s Friend to Pay Trustee Irving Picard Over $262M\u00a0 &#8212; Investor Lawyers Blog &#8212; October 28, 2016\" \/>\n<meta name=\"twitter:description\" content=\"The estate of Stanley Chais has agreed to pay the victims of Bernard Madoff\u2019s Ponzi scam $277M to settle claims accusing Chais, a Beverly Hills manager, &#8212; October 28, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Estate of Bernie Madoff\u2019s Friend to Pay Trustee Irving Picard Over $262M\u00a0 &#8212; Investor Lawyers Blog &#8212; October 28, 2016","description":"The estate of Stanley Chais has agreed to pay the victims of Bernard Madoff\u2019s Ponzi scam $277M to settle claims accusing Chais, a Beverly Hills manager, &#8212; October 28, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/","twitter_card":"summary_large_image","twitter_title":"Estate of Bernie Madoff\u2019s Friend to Pay Trustee Irving Picard Over $262M\u00a0 &#8212; Investor Lawyers Blog &#8212; October 28, 2016","twitter_description":"The estate of Stanley Chais has agreed to pay the victims of Bernard Madoff\u2019s Ponzi scam $277M to settle claims accusing Chais, a Beverly Hills manager, &#8212; October 28, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Estate of Bernie Madoff\u2019s Friend to Pay Trustee Irving Picard Over $262M\u00a0","datePublished":"2016-10-28T16:13:36+00:00","dateModified":"2022-03-22T17:54:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/"},"wordCount":455,"keywords":["Madoff Ponzi Scam"],"articleSection":["Ponzi Scams"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/","url":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/","name":"Estate of Bernie Madoff\u2019s Friend to Pay Trustee Irving Picard Over $262M\u00a0 &#8212; Investor Lawyers Blog &#8212; October 28, 2016","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2016-10-28T16:13:36+00:00","dateModified":"2022-03-22T17:54:14+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"The estate of Stanley Chais has agreed to pay the victims of Bernard Madoff\u2019s Ponzi scam $277M to settle claims accusing Chais, a Beverly Hills manager, &#8212; October 28, 2016","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/estate-bernie-madoffs-friend-pay-trustee-irving-picard-262m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Estate of Bernie Madoff\u2019s Friend to Pay Trustee Irving Picard Over $262M\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-10P","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/3895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=3895"}],"version-history":[{"count":1,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/3895\/revisions"}],"predecessor-version":[{"id":24825,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/3895\/revisions\/24825"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=3895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=3895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=3895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}