A peek into the legal future for the Berniverse.

Stanley Chais

The Gist:

Beverly Hills money manager to the stars. Chais is yet another feeder-fund manager facing a civil complaint from the SEC (much like the Cohmad trio). From 1995 to 2008 Chais' investors reportedly paid the money manager approximately $270 million for his financial services. As with other feeder-fund managers, some argue that Chais invested in Madoff without his clients' knowledge and also knew that Madoff was breaking laws. Whether these managers knew the extent of Bernie's wrongdoing is anyone's guess.

What's Next?

The 82-year-old Chais is reportedly in bad health, according to this story filed by the Los Angeles Times last month. How this could affect legal proceedings is unclear. In addition to the SEC complaint, Chais faces a lawsuit from celebrity screenwriter Eric Roth and a suit from Picard.

For his part, Picard's methods have bummed Chais out. In a May NYT article, Chais' attorney said that the fallen fund manager has been "saddened by the trustee's suit and outraged by the very public way in which the trustee has proceeded."