Investors expressed a range of emotions from anger to fear to frustration.
"I'm on food stamps, and I may have to move into my car, said Miriam Siegman. "There are moments of total fear and despair."
Siegman said she is upset the SEC did not step in sooner to save investors. "I don't care about Bernie Madoff, but I am infuriated with our government. The SEC and all of the regulatory bodies who knew about this, and could have done something, but didn't."
Another investor, Ron Weinstein from Manhattan said he knew Madoff personally. "He was an unassuming, very nice guy. I feel like I was a very poor judge of character. I feel he's sick. He's a psychopath. Of course I'm mad," said Weinstein. "And he appears not to care. He appears just not to give a damn."
A fund will be set up for returned and recovered assets and an attempt will be made to distribute the money equitably among investors, or as Sheehan put it, investors will be "sharing the pain."
Picard, said $950 million in cash and securities has been recovered so far. Picard stressed that his fees would not be paid from any monies recovered. Those fees would come from the Securities Investor Protection Corporation, which will also cover the first $500,000 of each investor's loss.
Investigators say they are leaving no stone uncovered in their search for Madoff's potential accomplices.
"There isn't anybody who is not on the table in terms of who we are investigating," said Sheehan. We are looking at every family member in the Madoff family and every insider."
Picard said his office has received 2,350 claims from angry investors and he expects that number could soon double. Picard would not speculate on how much of the $50 billion can or will be recovered. So far the claims add up to around $1 billion. The deadline to submit a claim is July 2, 2009. Picard expects to sell Madoff's legitimate broker business in the next couple of weeks which should yield more substantial monies for the fund.
The list of victims continues to grow, including one of the nominees up for an Academy Award this weekend.
Screenwriter Eric Roth, nominated for "The Curious Case of Benjamin Button" reportedly lost most of his savings to Madoff. Roth declined to talk with ABC News.
Other Hollywood figures such as director Steven Spielberg, executive Jeffrey Katzenberg, and actor Kevin Bacon are also among Madoff's victims.
More tragic are the cases of elderly people who will have no chance to earn back their lost investments.
92-year old Zsa Zsa Gabor is one of them. Gabor, who is wheelchair bound, did not want to talk to ABC News cameras, but her husband Prince Frederick Von Anhalt said the couple lost their $10 million life savings to Madoff.
"Some people, like Spielberg and those people, naturally have hundreds of millions," said Anhalt, "so if they lose $50 million, so what? It's a write off for them. But for us, $10 million it's a lot."
Anhalt is furious that Madoff continues to reside in his penthouse and resists cooperating with the investigation.
"I want to see him go down," Anhalt told ABC News. "He should be in jail."
Investigators, who declined to be named because they were not authorized to speak publicly, said Madoff may have moved money through a European clearing house, Clearstream, Inc.