Statement From Irving H. Picard, the Court-Appointed Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC
NEW YORK, May 1 /PRNewswire/ -- Today, Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("BLMIS") announced the filing of a complaint in the United States Bankruptcy Court against Stanley Chais and multiple related defendants seeking to avoid decades of transactions between Mr. Chais and BLMIS pursuant to which Mr. Chais and the other defendants received over $1 billion of what was, in fact, other investors' money. "This is the first of several actions that will be brought against entities that either acted as insiders with Bernard Madoff and BLMIS or that benefited from Madoff's scheme to the severe detriment of other customers of BLMIS," said David Sheehan, counsel for the Trustee and a partner at Baker Hostetler, the court appointed counsel for Mr. Picard. In the coming weeks and months similar complaints will be filed by the Trustee in his continuing effort to recover funds for distribution to the victims of BLMIS. The Trustee acknowledges the coordination and assistance provided by the Securities and Exchange Commission in the development of the Chais complaint.
