For Investors, Trust Lost, and Money Too
Diane Bondareff/Associated Press
Investors in the lobby of Bernard L. Madoff Investment Securities in Manhattan.



By DIANA B. HENRIQUES and ALEX BERENSON
Published: December 12, 2008


The zoning lawyer in Miami trusted him because his father had dealt profitably with him for decades. The officers of a little charity in Massachusetts respected him and relied on his advice.

Now Accused of Fraud, Wall St. Wizard Had His Skeptics (December 13, 200


Standing Accused: A Pillar of Finance and Charity (December 13, 200
Hedge Funds Are Victims, Raising Further Questions (December 13, 200
Times Topics: Bernard L. MadoffWealthy men like J. Ezra Merkin, the chairman of GMAC; Fred Wilpon, the principal owner of the New York Mets; and Norman Braman, who owned the Philadelphia Eagles, simply appreciated the steady returns he produced, regardless of market conditions.

But these clients of Bernard L. Madoff had this in common: They chose him to oversee much of their personal wealth.

And now, they fear, they have lost it.

While Mr. Madoff is facing federal criminal charges, accused by federal prosecutors of operating a vast $50 billion Ponzi scheme, many of his clients are facing an abrupt reversal of fortune that is the stuff of nightmares.

“There are people who were very, very well off a few days ago who are now virtually destitute,â€