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February 11, 2009 | 4:07 pm

Israeli nonprofits honor Stanley Chais for years of charity

Posted by Brad A. Greenberg

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Photo: Weizmann

For decades, Stanley Chais was a deeply respected Beverly Hills investment manager and a major Jewish philanthropist. His Chais Family Foundation gave $12.5 million annually to Jewish causes here, in the former Soviet Union and in Israel. But then Bernard Madoff was arrested for the biggest Ponzi in history. Chais’ foundation had to close and suddenly he was being sued for $250 million by clients angry that he had invested their money with Madoff.

But on Monday night, some of Chais’ biggest Israeli beneficiaries remembered him for his years of charity. From the JPost:

Far from abandoning him, some 50 of the beneficiaries of his charitable endeavors took up the mantra that has guided his giving. Chais firmly believes that all Jews are responsible for each other. So the leaders of the organizations and institutions in which Chais vested some of that responsibility decided it was payback time; although they couldn’t give him back his money, they could certainly restore his dignity and pride.

In Israel, Chais sits on the boards of the Technion, the Weizmann Institute and the Hebrew University of Jerusalem. He has supported numerous other educational projects and has helped establish start-up companies, especially those that give immigrant scientists an opportunity to realize their potential. His son Mark, who lives in Israel and heads his own venture-capital company, joined Chais in several start-up ventures.

Now ailing, the senior Chais was unable to attend the tribute organized for him at the Jerusalem Music Academy on HU’s Givat Ram campus. But his son was there to hear the outpouring of appreciation, admiration and concern for a man who has done so much not only for higher education and start-up companies, but also for hospitals, museums, cultural institutions and individuals who have been awarded scholarships that he established.

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It is so sad that the Chais family is being sued by anyone. They probably have lost more funds than all those suing them combined. The Jewish community is far better off because of the Chais’ generosity. The event in Jerusalem was very appropriate.

Comment by paul jeser on 2/11/09 at 4:47 pm

Chais is a thief and the whole world is going to know it soon enough.

Comment by Ben Fleeced on 2/12/09 at 12:29 pm

I find it offensive that stolen funds can be donated to charity—and that these jewish charities can happily accept these funds.  Come on!  It is NOT a good deed to steal from one man and donate stolen goods to another.  Why dont the Jewish charity beneficiaries speak up against this travesty?  Are they planning to return this money?

Comment by AF on 5/01/09 at 11:48 pm

The evidence is not in and the jury has not yet deliberated. However, a 20% return is certainly suspicious. Chais would join a long line of Jewish and other philanthropists giving ill gotten gains to gain social status. I have not heard of any Temple or other institution returning donated money no matter how tainted. Religious institutions and affiliated schools, like many other institutions, tend to look out for their own self interest even when their self interest conflicts with their announced, even proclaimed, values.

Comment by Steve on 5/03/09 at 4:25 pm

If patriotism is the last refuge of a scoundrel the philanthropy is the last refuge of a thief

Comment by mark peel on 5/08/09 at 2:38 am

Mark - great quote.

Nice to see Chais is now under indictment - hope he rots in prison along with his wife and son.  A “righteous” man would give back everything and come clean.  Instead, this piece of scum will give it all to attorneys and try to hide every last penny.

Comment by Raul on 6/22/09 at 3:32 pm

I hope today’s SEC indictment charges are not true but if they are he and his accomplices should go to jail.

Comment by Igor on 6/22/09 at 6:06 pm

Madoff Client Jeffry Picower Netted $5 Billion—Likely More Than Madoff Himself

http://www.propublica.org/feature/madoff-client-jeffry-picower-netted-5-billion

June 23, 2009

Comment by Joel Katz on 6/27/09 at 3:17 pm

While all this is going on, investor Jeffrey Katzenberg chairs the ‘philanthropy’ at the Motion Picture and Television Fund - that charity is trying to close its nursing home and evict residents. MPTF denies there is a connection between the two events.  There is a group fighting the closure. Many feel that ‘taking it out on the sick and elderly’ flies in the face of Jewish philanthropists helping others, and dishonors religious tradition. All funds and offers to raise money to save the place were refused.

Comment by MT on 10/31/09 at 9:57 am

In the matter of BLMIS securities it is clear that Bernie did not act alone.

At Madoff securities there were 244 special non-split strike accounts which were not run by Frank DiPascali. These were comprised of friends, family, insiders and feeders with returns exceeding 100%. (See Madoff Trustees court filing, Docket #524 of Oct 16,2009) These accounts steadily drained BLMIS of billions while the rubes continued to invest in good faith and got from 3-12% and the indirect investors in feeder funds were hit with additional fees. Mr Chais held one of these “special accounts” and additionally benefitted to the tune of several hundred million dollars in fees extracted from investors he funneled into the fraudulent Ponzi scheme.

For a bankruptcy trustee under SIPC pursuing fraudulent conveyance lawsuits and for the Feds or DOJ pursuing criminal charges this is “where the money is”.

Regardless of their net equity the trustee under SIPC should not be going after those innocent investors with good faith defenses for clawbacks, many of whom are now widows and orphans, who did not receive outsized returns nor did they have inquiry notice into this fraud. Let him go after the insiders and feeders who held these special accounts! Let him pursue the estate of Mr Chais!

Comment by thewiseking on 9/29/10 at 8:54 am

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