Madoff Victims: What About Us?

Bernard Madoff plead guilty Thursday to 11 federal charges stemming from his alleged multi-billion dollar fraud scheme, but for victims who lost everything, the admission doesn't quite cut it.

"I can tell you that in my family alone, you give the cumulative years of work that have vanished in one phone call, it's about 120 years," victim Adriane Biondo told CBS' The Early Show anchor Maggie Rodriguez. "If you take 10 more families - and I know that there are multitudes more than 10 - that's 1,000 years of hard work. He doesn't have enough time in his life to serve for the damage that he's done."

The 70-year-old Madoff could face a sentence of up to 150 years.

And as angry as victims might be at the disgraced money manager, they think blame for the $50 billion Ponzi scheme extends much further than one man.

"I think we need the prosecutors to find out the other culpable parties because he didn't do it alone," Dr. Henry Backe, whose practice had $33 million invested in Madoff's fund, told Rodriguez. "I think the SEC failed. They went in eight times and couldn't figure anything out. All they had to do was look in his trades. … In my mind, he's an economic terrorist. And the SEC just failed us."

One victim, Phyliss Molchatsky, said she's suing the Securities and Exchange Commission for restitution.

"The SEC did not do their job. They were negligent, they were ineffective. … They lured people into a false sense of security," she said.

Molchatsky also wants the IRS to step in and provide some relief for fraud victims.

"After all, every year we paid out of our pockets tax money based on what the world knows now is fictitious profits."