Former NASDAQ chairman Bernard Madoff has been arrested on a 50 billion US dollar fraud charge. he's now out on on bail. But regulators are trying to seize control of assets at the hedge fund he once managed.

Investigators say Madoff's crime originated in a separate and secretive investment-advising business that had a total of about 17 billion dollars in assets.

Former NASDAQ chairman Bernard Madoff has been arrested on a 50 billion US dollar fraud charge.

Worried investors were hoping for answers on Friday as they waited in the lobby of Madoff's New York office. Their clients say they stand to lose hundreds of millions of dollars.

Investor, said, "They wouldn't allow us to talk to anybody as of this point, they can't. They said to go on the website and a judge should be making a ruling by this evening I think,by this afternoon, so that's all the information that they are giving us."

Securities and Exchange Commission's New York office was seeking emergency relief for investors, including an asset freeze and the appointment of a receiver for the firm.

If the allegations are true, it may be the largest fraud ever blamed on a single individual.

If convicted, Madoff could face up to 20 years in prison and a maximum fine of five million US dollars.

(CCTV December 15, 2008)