This defense even has a name: "Good heart, empty head". See for ex https://www.pepperlaw.com/publications/why-a-pure-heart-and-empty-head-arent-enough-the-good

This defense even has a name: "Good heart, empty head". See for ex https://www.pepperlaw.com/publications/why-a-pure-heart-and-empty-head-arent-enough-the-good-faith-defense-in-ponzi-scheme-litigation-2010-07-01/ https://www.pepperlaw.com/publications/why-a-pure-heart-and-...