I have stated that I do and don't feel for Madoff's victims and here are the reasons.
Engage not irrationally into profitable attractions, because jumping too quickly into temptation may well blind wisdom.
I have empathy for them because I have lost everything before. I was young and foolish. I was a victim of my own greed. They were victims of their own greed.
I don't have sympathy for them because they should have known better. And how could they not! If it's too good to be true, then it's probably is. Don't put all your eggs in one basket. There are no rewards without risks.
Madoff's Investors Don't Deserve Compensation or Sympathy
You reap what you sow.