It isn't our business, and he doesn't have to justify it. He should have said exactly that, but he didn't.
The point is he did try to justify it by claiming he pretty much broke even.
If that is not the case, then he told a lie.
What does it matter to any of us whether he broke even or is under? Cripes I want to know if there was a CRIME commited, if not then this WHOLE thread is moot.