Well, I wouldn't blame you completely because life is all about taking risks. It could have gone either way and probably it worked well for your friend, so it was good decision to try it out.Yes it's very possible to loose all that you have, I once had a similar experience some time back last year. Someone introduced me to a business and I did not even try to make research on my own if I could do it, I just joined cause i felt since he could do it so I should be able too, the end result was bad for me.