You can't call something a flaw in such a matter-of-fact way and then go on to say it's only "likely". He could've been anything from the devil to a powerless figurehead. There's an entire board back there. I don't know why you're so keen on defending the board and attacking only Dan. The board weighs in on important matters as well and had to have green-lit a lot of what Dan did, which makes them complicit in whatever you feel Dan did wrong.
If you start calling for board member resignations, I'll be the first to join you.
And quit trying to poison my pimped-out theory with your strange obsession with Dan. :(