Disgraced financier collected Thomas Kinkade


File under R, for "ridiculous": Disgraced former financial adviser Gary Armitage's debts have spiraled to nearly $90 million, according to bankruptcy filings, the majority of it owed to former clients accusing him of fraud and misappropriating their funds. So what did Armitage do with their hard-earned money?

As with any good Ponzi scheme, some of that missing $90 million allegedly went toward paying fake returns to earlier investors -- and another large chunk was used to finance a lavish lifestyle. The Press Democrat in Santa Rosa, California, reports: "Under an agreement reached with the trustee, Armitage has been forced to surrender his $11,000 wine collection and most of his approximately 50 paintings, primarily by pop illustrator Thomas Kinkade, valued at $26,000."