The only people who are still holding out now are the people who actually appreciate the drama that they have been put through. I don't mean that they deserved to have been ripped off. I'm jus saying that they did get some return on their investment just by being given the ride of a lifetime. I know that sounds weird so maybe some of the actual parties involved can corroborate this.
Yes, they would have liked to have actually made money. Anybody would. But even if they never make money, they got to have the experience of what it's like being involved in a deal that could have (in just for pretend) made them wealthy beyond their wildest dreams.
Ultimately, this is how I believe the top level scammers justify their behavior. They are doing live interactive theater, sort of like Improve is Everywhere but with much higher emtional stakes because you have your life savings on the table.