Bernard Madoff appears in a New York federal court Thursday, where he faces 150 years in prison on 11 counts of fraud. His lawyer announced he will plead guilty to concocting a pyramid scheme that led to 50 billion USD in losses for tens of thousands of victims.

His trial will be closely followed in France, where his scheme touched many victims. Thierry Otaviani, president of the SOS Small Shareholders Association, said, "We are hoping simply that our small shareholders will be able to recover what they have lost in the Madoff case. That would involve French companies providing some kind of compensation for our clients."

Around a hundred financial products have been affected by the Madoff scandal in France. Some of the victims have taken action against the banks which recommended his investments. Hélène Feron-Poloni, a lawyer representing some of the victims, said, "These are individuals who may or may not have a substantial wealth. Small savers have also been caught up in the Madoff case, mainly through life insurance."

The trial looks set to be long and drawn out. French savers alone have lost up to 500 million euros in the fraud.