Perhaps we should all change industries. The industry where they hand tens of millions of dollars around without much more than a verbal agreement seems a lot more lucrative than what we've got going on here.

How do you pay hundreds of millions of dollars (even tethers) without a little more assurance that you are going to get what you want? Oh...I know how, it's not your money.

But yes this sounds like a story of fraud and also incompetence.