Holmes and Theranos leadership did more than defraud investors. They knowingly ran unreliable tests on actual patients. People were told they were miscarrying when they weren't, or that they had HIV when they didn't. And they drove an employee, Ian Gibbons, to suicide, then threatened his widow with a lawsuit when she talked to reporters about it.

That’s true but not relevant. I have absolutely no sympathy for the rubes who thought FTX was a good place to put their money, but that doesn’t make the fraud any more OK.

The people that invested their money did not make these decisions. The people running the fund did. You're victim blaming. Most people don't get a very wide choice where their money goes outside the couple of options the fund managers present. I'd also venture most people do not even look at what stocks are in the fund. They'll look at the past earnings and check the box.