There was no FDIC insurance because Bernie's ponzi scheme was not a bank. For this 64 billion dollar fraud, less than 5% of the money been returned to victims.

There was no FDIC insurance because Bernie's ponzi scheme was not a bank. For this 64 billion dollar fraud, less than 5% of the money been returned to victims. https://en.wikipedia.org/wiki/Madoff_investment_scandal https://en.wikipedia.org/wiki/Madoff_investment_scandal