What request of the investors made Judge Stanton lift the temporary order barring involuntary bankruptcy of Madoff ?”
Stanley Chais, an investment manager and prominent Los Angeles philanthropist, was sued Friday by a court-appointed trustee who accused him of getting such outsize returns on his family’s accounts with Bernard L. Madoff that he “knew or should have known” that his family was participating in an illegal Ponzi scheme. The complaint asserted that Mr. Chais was a primary beneficiary of the Ponzi scheme for at least 30 years, reaping annual returns on his family accounts that averaged 40 percent and were sometimes as high as 300 percent, The New York Times’ Diana B. Henriques reports. The various funds he ran for clients — who ranged from family friends to Hollywood aristocrats like Steven Spielberg and Jeffrey Trachtenberg — produced annual returns of 20 to 24 percent, the complaint said. That was still about twice what most Madoff investors expected. The trustee, Irving H. Picard, was appointed at the request of federal regulators to recover money on behalf of those who invested with Mr.
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