Quoted from CaptainNeo:
here we go pointing fingers again. I don't think it's this at all. Not having business sense or not knowing what you're doing, doesn't automatically make you a con artist. I really don't think he was out to fraud people. If all the money is gone and nothing was made, then it could be a scam or really poor business decisions.
He intentionally deceived people to acquire money. That's not a poor business decision, it's fraud.