Your post documents how it would work if this were all an "outside" job so I guess I would have to agree with that since I do not believe there was ever much brainpower at the company to begin with.
As a result, it is quite possible that Cheng was an easy guy to "recruit" by people who know how to make such a fraud go, once they showed him that he could make a lot more money running with them as opposed to being a responsible CEO.........
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