Many Fear The Worst After Wall Street Legend, "Barnard Madoff" Reveals He Lied About Company Profits And Stole $50. Billion From Investors... http://www.nypost.com/seven/12132008/news/regionalnews/investor_furor_over_50b_scam_143966.htm Panicked investors scrambled desperately yesterday to determine whether their life savings had been wiped out after a Wall Street legend allegedly admitted blowing as much as $50 billion in what is emerging as the largest Ponzi scheme in history. Among several big-name investors who trusted former Nasdaq Chairman Bernard L. Madoff with their cash were New York Mets owners Fred Wilpon and Saul Katz, who may have lost as much as $500 million in the scheme, sources said. New Jersey Sen. Frank Lautenberg also confirmed he had invested money from his charitable organization through the 70-year-old Madoff's company, though he did not say how much. Around 20 angry investors stormed the lobby of Madoff's offices yesterday to find out what happened to their life savings - only to be ordered to leave by police. "When I found about it, I felt lousy, I held my head," said one elderly man, who was too distraught to say how much money he may have lost. "We've got problems." While the scope of countless other investors' losses remains unclear, it appears that most of the victims reside in New York and South Florida and were among Madoff's closest friends and business associates. Madoff allegedly told authorities that he estimated he blew through $50 billion in the scheme he called, "one big lie." "This is a major disaster for a lot of people," said investor Lawrence Velvel, 69, dean of the Massachusetts School of Law who said he and friends had lost millions among them. "You work all your life, you finally manage to save up something, and somebody who's entrusted with it, it turns out suddenly he's a crook. Lots of people are getting fully or partially wiped out." Said one hedge-fund manager who knew many of Madoff's investors, "There are a lot of people in New York who were rich yesterday and are insolvent today."