Madoff Victims Speak Out: We Woke Up Penniless

Con victim says SEC told him Madoff's company was a 'safe place' to invest money.
2:35 | 02/05/16

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Transcript for Madoff Victims Speak Out: We Woke Up Penniless
For about twenty years we were we have made. And one day. I went to sleep a very comfortable in the and I woke up. It was a catastrophe with solo but. All my money was gone. You know you go to bed one day you living in house that you love them narrated to. You're financially secure. You wake up the next morning and you're fabulous. That the Madoff victims were not some rich full rich greedy people. They were a lot of hard working people that lost there homes. That lost their savings and analysts say spewed in the themselves to find out that it was all Garnett and then. They wanted money back for me that was beyond. Factors could even. My board at the time thought that they were doing the most secure thing ironically that they could. This was not a whimsical decision this was not a hate I know Bernie you know Bernie let's give them some money let's make it work. This was a methodical choice over seven years to fully invest. And that is unfortunately what we were left. Where they called a security exchange commission. I gave my name and told Rosen dresses investing with. Madoff. And whether they know about Madoff and the answer was on forget it this it to me is a safe place to invest your money. Louis almighty. Retirement funds. Was whole rest of my investments. The stories that never got out for the people that had to survive from and who had no safety nets who had no ability aware what follow. To change what they did. The SEC me. Let down the public. Because it had received numerous whistle blower complaints. That made up for as a crack. I think people are under the illusion that the SEC will protect them. I think that it hasn't changed. I think people were extremely embarrassed about the SEC and what they didn't do. Will they be more pre cautious in the future I have no idea.

This transcript has been automatically generated and may not be 100% accurate.

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