Indeed they have. At no point did they make it clear they were operating from accounts that were not originally theirs, which means people made decisions to 'invest' on the basis of fraudulent misrepresentation.

Fraudulent Misrepresentation
Under contract law, a plaintiff can recover against a defendant on the grounds of fraudulent misrepresentation if (1) a representation was made; (2) that was false; (3) that when made, the representation was known to be false or made recklessly without knowledge of its truth; (4) that it was made with the intention that the plaintiff rely on it; (5) that the plaintiff did rely on it; and (6) that the plaintiff suffered damages as a result.