Published
|
Updated
NEW YORK – 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.
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.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox
Arrives Weekdays