Federal Prosecutors Investigating California Investment Manager Linked to Madoff
{{#rendered}} {{/rendered}}Federal prosecutors in Manhattan say there is a criminal investigation under way of a prominent California investment manager who did business with Bernard Madoff.
The prosecutors made the disclosure as they asked Friday for a delay in civil proceedings already brought against investment adviser Stanley Chais.
He's a longtime Beverly Hills philanthropist.
{{#rendered}} {{/rendered}}The Securities and Exchange Commission earlier this year announced civil fraud charges against Chais. They say he oversaw three funds that invested all of their assets with Madoff.
A lawyer for Chais did not immediately return a phone message.