Financial officers from Fairfield are trying to ascertain if they can recoup any money lost in Bernard Madoff's alleged $50 billion Ponzi scheme.

Madoff, a former chairman of Nasdaq, has been accused in a fraud scheme with such high-profile victims as the owners of the New York Mets, charities run by Steven Spielberg and Elie Wiesel, as well as the city of Fairfield.

Fairfield pension funds were invested with Madoff through the Darien money management firm Maxxum Capital. The city's losses could total at $42 million, roughly 15 percent of its value.

Chief fiscal officer Paul Hiller isn't optimistic about the situation and says the scam stunned him.

The joint retirement board held a meeting Monday night to discuss the potential losses.