Calif. money manager who diverted hundreds of millions of dollars to Madoff dies at 84

Calif. money manager in Madoff case dies at 84

NEW YORK — Stanley Chais, a prominent investment manager who diverted hundreds of millions of dollars from his clients to disgraced financier Bernard Madoff, has died in New York City. He was 84.

His wife, Pamela, says Chais died Sunday. She declined to disclose the cause.

The Los Angeles Times first reported Chais’ death.

The Securities and Exchange Commission brought a civil lawsuit against Chais in 2009, alleging the longtime California philanthropist falsely told investors he was personally managing money in three funds.

The SEC says he had turned the money over to Madoff, who is serving a 150-year prison sentence for the largest Ponzi scheme in U.S. history.

Chais’ attorney, Eugene Licker, said Chais was victimized by Madoff.