There is a difference between a scam and a bad investment. If an investment was not well handled, or poorly managed, that doesn't make it a scam. The intent is the difference, and I don't believe there has been intent to take advantage of people or to befraud them.
I do know that on the net the minute something isn't working out as hoped, people cry scam, just because they do exist all too often.
I am more cautious with my accusations and assumptions.