Bernie Madoff ran history's biggest Ponzi scheme outside state-run pensions, losing $17.5 billion, dwarfing the efforts of local hero David Ross.
Madoff's victims will get back at least $9.5b. Those who lost money to David Ross will get nothing.
Why?
Not everyone loses in a Ponzi. According to the liquidator's reports, 627 investors lost $114 million with Ross Asset Management (Ram) but 204, collectively, took $46m more than they put in.
In the US, Irving Picard, Madoff's court-appointed trustee, has received $800m in funding from a quasi-fidelity fund for brokerages. This has allowed him to relentlessly litigate a number of parties, including those considered the net winners.