That would not surprise me at all. He may have ended up with a lot more than he started with - he seemed a little worried about clawback...
I'm pretty sure he made a good profit. I'm also suspecting that he did not forward everything to Pirate (his way to "transfer" coins makes it impossible to trace them on the blockchain).
For example, 1CWG3oZbDMjFjyZqoaBMcu6HVn9smRCHMp is an address to which some of the deposits from BMax investors were directly transferred so I'm pretty sure it's one of Ian's pooling addresses. According to the blockchain, there still were withdrawals in July 2013 which is after Trendon defaulted; the SEC was already involved. That's why I assume that Ian has the funds to honor the withdrawal requests his investors made before the default.