Probably. He got rich off this scam with a cheesy cartoon video. Return on investment paid off nicely for him, but they all poop-out eventually, so he's probably moved on to some new racket.
Investors can write off losses on their taxes as a capitol loss.
"It is easier to fool someone, than to convince them they have been fooled."
For those that don't get it, it means that people need to be more careful, and do good due diligence.