Word: chaises
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Dates: during 2000-2009
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In the last 30 days, Picard has filed six major lawsuits, many against Madoff's largest feeder funds. The combined suits ask for the return of over $10 billion in fraudulent profits. Picard's complaints allege the people running the funds "knew or should have known" Madoff was a fake...
Last June, Chais even wrote his investors a letter saying he was ill and should he get worse his son, Mark, who lives in Israel, would take over the investment business, which by my estimates handled between $500 million and $1 billion. Some were smart enough to pull out then...
Though it would have been a good time to do so, the letter, the first real direct communication (other than quarterly account statements) we ever received from Chais, did not mention Madoff but just that "the relevant brokers" had been notified, as if there were others besides Madoff - which there...
This was as deep as the fiduciary responsibility had to go since, after all, he was in charge of the trades, right? That's what we thought. Let's face it: had this new name, Madoff, been mentioned at this time it was quite likely everyone in Chais' many funds...
Of course, we know now there was no actual work going on, either by Chais' New York people (i.e. Madoff), or by himself, except collecting money and distributing money, much like Madoff and Fairfield Greenwich, and all the other feeder funds. Chais' lawyer, Eugene Licker of Loeb & Loeb, was unavailable...