I have never said that they products aren't real. It's really not relevant in my view. Enron had real products too, like Portland G&E and many other really good businesses. Bernie Madoff had a real office, by the way.
I'm not a financial consultant, broker, or investment advisor. From 1986-2006, I worked for investment advisors or broker-dealers. I have held the CFA Charter since 1997. I am a consultant to institutional investors, a newsletter publisher and a blogger.