Good evening. It's not a criminal offense if he had no intent to steal your money or defraud you. He might have been stupid, but stupid is not a criminal offense. If he disclosed to you what he was planning on doing with the money and the risk factors involved, and then simply lost your money through a poor decision, that's not only not criminal, but not actionable....you guys simply made a bad investment which you can now write off. If, however, he caused you to invest in something and didnot adequately disclose the risk, then you could sue him under the securities laws. But, as you said, if he has nothing, it's going to be difficult to get anything.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.