No, this type of thing does not happen every day in the business world.

Let's say you're going to set up a new business, as a general contractor.
You sell shares of stock in your new company to investors.  You also sell
your business services to customers, who place orders with you to supervise
construction of their buildings.  Whenever you sign a contract with a
customer, they are required to pay in advance for the work, starting with
10% immediately, and then they must continue to make advance payments in at
least an amount deemed sufficient to cover next month's expenses on your
part.

Now the company folds.  At the time, you had 10,000 shares of stock
outstanding.  You also had $100,000 in corporate debt, money or supplies
lent to the company.  You also had $200,000 in advance payments, the money
of your customers which had NOT YET BEEN SPENT on their behalf.  However,
this money was gone, because you had been using it to pay for the debts of
the corporation, that is, if you hadn't used the customer's money, the
corporate debt would've been $300,000 instead of $100,000.

The money lost by the stock investors, that happens in the business world
every day.  The money lost by the banks and suppliers who lent you cash or
supplies, that happens in the business world every day.  YOUR illegal use of
the customer advance payments for corporate debts, that is illegal, and
while it happens a lot more than it should, it does not happen every day.
The advance payments were made in trust, that money NEVER belonged to the
corporation, it was supposed to have just been held for use in making
payments for that customer's projects, as the money was spent on their
behalf.

That is what Dutch Boyd did.  He took the money that player's had in THEIR
accounts, money that NEVER belonged to him or to Pokerspot, and used it to
pay debts of Pokerspot.  Then, when Pokerspot folded, the player's money was
gone, and their was nobody or nothing left to repay them.  That makes him a
thief.

I didn't ever play at Pokerspot, and didn't lose a penny.  But many of my
friends did.  If I ever enter a tourney and am at the table with Dutch,
well, I'll be stuck there.  But he will know what I think of him.

Later, Greg Raymer (FossilMan)