You are probably so closer to the truth than you may know. The dude was probably rolling right along, doing well taking money from one sale to make good on another. All along he's living the good life extended to the gills. The economy took a dump and the robbing of Peter to pay Paul crap caught up to him. I live on the other side of the tracks in Orange County, where his addy is at ain't cheap.
Good luck to you guys, if I can help, let me know.