I doubt she legally gets to keep all of it. In theory she probably cannot keep any, but if it's sufficiently hidden or already spent or given away it may be impossible to recover. The people she defrauded may accept recoverable cents on the dollar to get something back, and she may have access to more than she has to return.

Sorry to respond a second time, but another thought occurred to me. The frauds took place a while ago. Even if she had invested half in an index fund, she should still have 2x+ of the funds left. I don't know what if any interest is charged, but she might be able to repay the original investors at 110% and still make a tidy amount of cash, depending on what she did with the money.