Respectufully speaking; you need to get away from this person, but you probably already are aware of that.
Yes, it absolutely does "look bad" as you say, because it makes you look bad by association, right?
I was once asked to pay a bail...that person has ben in and out of jail for the last 30 years. I say this as you may very well be looking at the same scenario, so don't feel bad because if you have not "saved" him this time-there will be another. Why go through all that, right?
Better to move on and don't look back, I sincerely wish you well.
Good luck!

