It's always bothered me that people will say "You should only invest what you can afford to lose".  I'm sure most people do that. 

Having said that, losing money pisses me off.  Maybe losing thousands of dollars isn't a big deal to you.   Especially when it's through misconduct and incompetence.   It bothers me that people make that blanket statement as if to brush it off.  It's NOT ok.   

He's conducting what I consider shady activities and taking advantage of shareholders for what seems to be personal reasons.  He's certainly not communicating with the people who's money he's taking.

I'm not excusing him.   You may choose to, but I'm not.