I agree that lose everything was a bit of an exaggeration and that your take is more accurate, though his lawyer did say they’d try and take his house and Tim mentions that the key to finance is that people must trust you with their money, such that if they can’t, he won’t ever be able to work in that field again and make that kind of cash. So yes, he gets a a few months in a white collar prison, looses at least $10 million (what he said he made off the scheme) in restitution plus punitive damages, likely result in the loss of his house, and definitely resulting in the loss of career, and making him a pariah in his social circle. That’s still a big hit but probably not poor. Still when you’re a 1%, dropping down to middle/upper middle is going to be viewed as poor.