Madoff Prosecutors: Net Losses $13 Billion

Separately California’s Attorney General Sues Stanley Chais

from The New York Times:

Review Says No Net Loss for Some in Scheme

Federal prosecutors said on Tuesday that a review of most accounts held by Bernard L. Madoff’s customers when he was arrested shows that about half of the customers had not lost money because they withdrew more money than they originally invested.

from Los Angeles Times:

Financial advisor Stanley Chais sued in Bernard Madoff scheme

Beverly Hills financial advisor Stanley Chais, accused of steering hundreds of millions in investor dollars to Bernard L. Madoff’s Ponzi scheme, was sued Tuesday by California Atty. Gen. Jerry Brown.

The lawsuit, filed in Los Angeles County Superior Court, seeks restitution for victims and at least $25 million in civil penalties.