The Securities and Exchange Commission on Monday filed civil fraud charges against Los Angeles investment adviser Stanley Chais and three other people related to their involvement in the Bernard Madoff case.

In a complaint filed in U.S. District Court for the Southern District of New York, the SEC accused Chais, who oversaw three Madoff funds, of funneling as much as $1 billion to what has been alleged as the biggest Ponzi scheme in history. Chais, the SEC alleges, misled investors by failing to disclose Madoff's involvement and knowingly filed false accounting statements for years.

"For the last 40 years, Chais has held himself out as an investing wizard who managed hundreds of millions of dollars of investor funds in three partnerships, the Lambeth, Popham and Brighton Cos.," the SEC said in a statement. "In reality, Chais was an unsophisticated investor who did nothing more than turn all of the funds' assets over to Madoff, while charging the funds more than $250 million in fees for his purported 'services.'"

The SEC also charged Cohmad Securities Corp., a brokerage firm in New York co-owned by Madoff, and three of its executives co-founder Maurice "Sonny" Cohn, Chief Operating Officer Marcia Cohn and Robert Jaffe with fraud.

Madoff, who pleaded guilty to 11 criminal counts in March and faces 150 years in prison at his June 29 sentencing, reportedly met with SEC investigators last week to cooperate.

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