I don't think I ever outright said he was scamming -- only that he was either a scammer or a fool and that either way it was foolish to invest with him. But if he never intended to honor his personal guarantee with his personal funds, maybe he was a scammer all along.

I did think he was a scammer from the beginning. Now I'm not so sure he wasn't just deluded in the beginning, thinking the risk was low. And perhaps even intending to honor his personal guarantee at first and then not realizing that there was no way he could once the amounts started to increase. When things went bad, he sold out his investors to save his own funds.