The newly wealthy (net worth > 10,000,000 US) are typically open to taking bigger risks (especially with other peoples' money) and quite often less scrupulous. A lack of empathy for others helps alot here.

Exactly. It is those who will take risks that are most often rewarded with the money. How they then spend that money will determine if they lose it or make more. You have to ask the question of how they came by the other peoples money first before you jump to any moral conclusion that it was somehow defrauded. More likley the sheeple were gambling..., sorry investing with little or no energy spent in trying to understand what they were investing in.
The same goes for inherited wealth and winnings from gambling. In the case of the latter two, the chances are highly likely that it will be lost or dispersed.

The market is now correcting, as it always does and everyone who invested in these money for nothing schemes deserves to lose. Everyone! America has tried to build itself on these finance schemes and outsource real productive work to other countries. If you follow where the energy is now going you will also find that is where the wealth is flowing. You cannot necessarily measure wealth in terms of money either. Money is too easy to print. Factories and warehouses of food, mineral assets, energy stores are real wealth wheras money is just an abstract way to denominate it.

You can have as much money as you want, but if you are hungry and nobody will accept your money for food, it is worthless junk. Just ask a Zimbwean. However if you have a fish to trade for a loaf of bread, both are energy sources and it really doesn't amtter what numerical value you put on it, the fish is still only worth a loaf of bread.