I know where the money is.
FOREX trading.
Thats my guess. And you know what that is? Gambling.
You know what happens to people who gamble?
They lose all their money.
Prior mentioned FOREX trading on small cap investors interview, and other times as well. It's insidious. I met a guy from Texas who traded FOREX, he was all freaked out because the market never sleeps, and neither did he. He got caught up in it.
If anything ever comes to light about all this, my guess is that's where a significant portion of monies raised by shareholders went to.