Ah yes, "if it's legal, it's not his fault." It's not "his fault" for the gross incompetence that lead to this outcome? Whose was it? I would suggest that it is in fact "his fault," but why would he ever have cared? He lacked any incentive to fret any potential negative outcomes for the business, since after a point he had assured that they all ended in him being astronomically wealthy regardless.

This sort of thing sends ripples across peoples' lives. Normal people (outside of the idle rich who can afford to waste money on speculation with effectively no consequences) do lose out when things like this blow up.

The lack of regulation and legal accountability here is shocking. The fact that regulation doesn't currently exist shouldn't be used as a justification for excusing the behavior of bad actors!