Madoff must declare what's left of clients' money

Posted by Rachel Leigh email

(WFLX) - It's time to come clean: Disgraced investment guru Bernie Madoff faces a deadline in court Wednesday morning.

Ever since the $50 billion scheme was uncovered, investors have been trying to figure out how much they lost, individually. They may find out Wednesday.

Madoff must declare what's left of his clients' money and come clean about his own personal fortune.

Thousands of investors from large hedge funds to charities lost money in the Ponzi scheme. Madoff agreed to Wednesday's deadline saying he will give the Securities and Exchange Commission a list of his any assets he has left.

A Palm Beach Gardens resident who fell prey to the alleged Bernard Madoff financial fraud is fighting back, and he wants others to join him.

Alan Cosner is a New Jersey based attorney, but has a home in Palm Beach Gardens. He and his family have lost out in the Madoff fallout which fueled his desire to get his money back not only for himself, but for others. "The smaller investors who want a voice in the court system. That's what we are trying to do."

Cosner has distributed a letter locally soliciting people who've lost money in the Madoff scandal. He's looking to represent potential Madoff victims who had smaller investments with him of up to $20 million.

Kevin Bacon and wife, Kyra Sedgwick, are among the many victims of the massive Ponzi scheme run by the disgraced New York money manager. Bacon's publicist just confirmed that the couple had investments with Madoff. He wouldn't say how much money Bacon might have lost.