Btc-Arbs, if you are able to, please consider registering as a company ASAP - even if it's a shell company based on an island no one's ever visited, with Elvis named as the owner.

This will help you send statements to your investors to show some form of proof of losses. They can use this on their taxes to offset profit from Bitcoin or other investments (assuming they report Bitcoin on their taxes).

The process of doing this may be more work than you want to face, but it could be valuable for your customers, and negate a big portion of their losses. It will be much easier to do this before New York's regulations take effect.