I read a few articles suggesting that the old definition was archaic and unfair. "Why are we assuming that only rich people have credibility?","What about Bernie Madoff?", etc. But that doesn't tell the full story. Rich people do have more to lose. If I have $1,000,000 in the bank and roll up trying to rent an apartment, the landlord is going to immediately assume things about me - that I'm smart, that I have my shit together, that I'm not going to cause problems. It doesn't matter if I am a deviant asshole deep down. Sad, but that's the world we live in.
The same thing applies to people creating funds. Predatory people with less credibility absolutely will take advantage of this.
Tax evasion was the wrong comment and I apologize.