Damn that is pretty crazy. I hope the guys get some money back and I hope this ******* actually gets hard prison time. I consider this worse than robbing someone at gunpoint and taking millions. Forgery, fraud, and all the trust placed in this adviser make it much worse to me. Just my opinion.
Probably not all of them. This money would have been held in a investment account, which often isn't checked regularly, and usually in a Ponzi Scheme includes fake balances on statements.
