This just goes to show all the critiques of this kind of investing were very true. FTX and Theranos are examples of how this can all go very wrong.

I've gotten in a number arguments with people who don't understand white collar crime, think these guys are "smart", and are so surprised by how basic their scheme is, and how they thought they'd get away with it.

These people aren't smart, any more than your local gang banger, or small time fraudster... the stories are remarkably similar.

There's lots of white collar criminals that have cloaked their schemes as part of "altruism". This isn't even new.