NORWALK - A Fairfield doctor met with the Senate Banking Committee, chaired by Connecticut?s senior Sen. Chris Dodd, Tuesday to explain how he and his colleagues were affected by Bernie Madoff?s alleged Ponzi scheme.
Dr. Henry Backe, Jr. told the committee that his entire staff of 140 at the Orthopedic Specialty Group in Fairfield lost every cent of their pensions and life savings due to Madoff?s crimes. According to Backe, Madoff stole more than $11.5 million from his office.
?Some have expressed concerns that they will have to sell their homes when they retire because all of their savings have been stolen,? Backe says.
Backe says Madoff deliberately manipulated a 70-year-old doctor in his practice, convincing him he had access to his retirement savings and could move them at any time.
?We have three senior employees close to retirement that now do not know when or whether they can stop working,? Backe says.
Backe says federal investigators were suspicious of Madoff dating back to 1992. The doctor says he is spending more than $70,000 a month in legal fees to try to get his colleagues? money back.