IMO, Newby is too dumb and inexperienced to concoct the swindle -- he's the front man, shill, fall-guy and salesman for others. His bragging in private email is revealing - I wondered how he could be so convincing enough to fool Dean, when the rest of us easily saw the blatant red flags. Newby thought he was making easy fees since he invented a new form of financing that relied on "funders" who would provide the collateral for the SLOC. The funders set him and Dean up. Mark my words -- its more than Newby.