We don't have all the details, and those details matter. All I can say is that if the attorney knowingly participated in the alleged fraud then there is a good claim. But there is a lot more to this story than we know, and until I know the whole story it's impossible to say what liability the lawyer has, if any. Indeed, we have just the OP's characterization of a fraud here. What this might have turned out to be was simply a very poor choice of investment or purchase; i.e. a deal gone bad that he now regrets and wants someone to pay for.