Possibly not stupid...
Perhaps the thought processes went something like:
1. Opening an account is not breaking the law. How can opening multiple accounts be?
2. If they are checking the accounts the cash is going to it'll be picked up and blocked very early and I'll be told off
3. If they aren't checking I'll never get caught.
Morally reprehensible but good arguments if you are looking for way to justify it.
I bet the defense will use these justifications to push some culpability on to Schwab for leaving the door open and get him a slap on the wrist and have to give the money back. I could write make a good stab at the closing address right now...
Jolly Roger for all the people who get money out of my pocket every day legitimately...