Yes, absolutely. It's not just that they are making high risk bets for clients who are advised of the risk. It's that they are taking "investments" that have zero percent chance of payout, such as selling million dollar McMansions to unemployed high school drop outs, and scheming the system to package them as AAA securities by creating bogus insurance schemes that have no chance of being paid out, then ensuring their profit by investing the money in "donations" to political candidates. The idea that this is investing in productive economic activity or that these are investments at all is a fallacy. It's fraud.