I knew Ryan Sumstad well. His dealings with IEV were very underhanded, especially when things went cold against the financial crisis in late 2008. I was personally involved with this transaction on many levels and lost over $50K to Ryan Sumstad.
When everything started to fall apart, Ryan really showed his customers. In the face of people, some good businessmen, some just hard working brokers, he basically turned his back and walked away with their money with no explanation.
While I am sure he didn't keep all of that, there were expenses, it was the way he did it, with no apology or remorse that made me see what kind of person he really was.
My heart goes out to his wife's family and his children, but as well I knew Ryan, I am confident in the end that justice will be served on a horrible person.