Well, it's clear even from his own grossly embellished numbers. If he claims that $1000 (which he took in bitcoins) in his "investment" returned ~ $1.3 million, but $1000 hodled in Bitcoin since then would be worth ~ $4 million now, he clearly lost investors' bitcoins. This is kinda like shitcoining, which also tends to take your bitcoins and then claim USD "profits", except his shitcoin doesn't even have a blockchain, can be bought and sold (sort of) only on his site, etc.