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It's not really a scam in itself. All the big accounting firms do it, however they also have a valid reason for doing so, as nobody will insure them due to the high liability costs.
It's not illegal in itself as long as it looks like you have a proper purpose. He should have sold himself insurance against CP claims. Basically solicit a couple of insurance companies and once they denied him insurance for it he could have setup his offshore insurance company and funneled the money in to it legally.
In the end it wasn't really Joe's fault in terms of his scam not working, I would say the accountant he used was pretty much worthless.
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