In an appeal ruling, the court has affirmed the method of determining how much investors can recover of their money lost in the Madoff ponzi scheme.
Fictitious profits would not be counted as monies to be returned to investors. Only the original capital should be counted in determining how much money is owed to investors.
Earlier investors who had redeemed their investments with profits would need to return their profits.
If this kind of approach is taken for the various scams that had occurred in Singapore, those early investors would have needed to return their profits. This will put a strong deterrent on people who invest into schemes knowing that they are Ponzi like in nature. But I think this is something that will never happen here.