Legal position of investors in a Ponzi scheme who cashed out before its collapse?

I would hazard a guess that a constructive trust could be imposed on anyone who actually withdrew money from the thing - wrongly (principal plus dividends) or innocently (dividends). Forensic CPA’s cheer their good fortune in reconstructing this clusterf*ck.

IANERAEOTS (I Am Not Even Remotely An Expert On This Stuff.)

Added: yes, the lawyers will make out as well as, if not better than, the forensic accountants.