Most likely PH was either just lying to make other people feel it's safe to put more money into these schemes, or he explained his thoughts to Pirate, who said yes to what ever he said, and then PH would feel he was very clever who figured it out and tell everybody else there's no problem.
WRONG. PH said this:
For the doubters, they would say he was simply lying and stringing me along, but that could be said of most people on the forum.
That is, PH figured out a way that Pirate could be using to make the money, and pirate confirmed it was accurate. That's all PH said and nothing more.
Now, I personally don't think Pirate is a fraud based on this information, but I also know it's possible that pirate may have lied to PH (or perhaps was honest but something went wrong with his high risk venture)... we'll all know soon. Therefore, Pat's reputation is not on the line here at all no matter what happens with Pirate. Pat never said Pirate wasn't risk free, in fact, he specifically marked his pirate pass-throughs as "high risk accounts" for a good reason!
Don't put words into people's mouths.
