I've seen some convoluted attempts to defend the "management" recently, but you take a whole packet of biscuits.
They knew exactly what they were representing, and what they were in fact doing. There's a reason it was all done via offshore corporate vehicles where it was more difficult to identify the shareholdings. There's also a reason they went so long without plainly stating "KLD owns X% of the shares".
That he pretty much only increased his stake to the bare minimum that he needed to, to rectify the dishonesty, tells it's own story. None of them - including him - are here because they have an intention to meaningfully invest.