It's not a lie to claim to win so much this session, and that, and, not mention the losses. It doesn't sound like MDawg kept a running tally about how much he was up, or down, overall, as went along in his trip reports. Did he constantly note that overall he was up half a million dollars, until, suddenly, that he was about even? Even if, he might have thought to shoot for the moon with the winnings.

The Wizard claimed not to know much about MDawg, anyway, except that he was honest, which, I guess, meant that not even he caught the MDawg in a lie.