Madoff Victims Ask Judge To Hold Off On Sentencing

An alleged victim of Bernard Madoff's Ponzi scheme, the dean of the Massachusetts School of Law, has written the judge in the case on behalf of himself and others ahead of a guilty plea expected from Madoff today.

The letter, written by Lawrence Velvel on behalf of the Steering Committee of Madoff Survivors, says the judge should remember that not all Madoff victims are billionaires, but they are "little people who worked like dogs all their lives to save up enough money to make an investment." Velvel says many are completely devastated — financially and psychologically. Velvel asked the judge not to sentence Madoff right away.

LAWRENCE VELVEL: Until Madoff cooperates and/or it is found out by the government that it has learned where all the money went, who got it, where it is now and it tells people all of that in great detail.

Velvel also blames the Securities and Exchange Commission for publicly stating in 1992 that there was no fraud in connection with Madoff.