LLCs aren't protected against bankruptcies. The protection they offer only goes the other way: if someone gets a $170 million judgement against an LLC you own, that liability (usually) does not extend to assets you personally own.

In this case, any (share in) LLCs he may own would be part of the assets, together with shares/cars/cash/etc., subject to be auctioned off with the proceeds being divided among his creditors.

Well, he did steal a bunch of stuff and get caught. That's not particularly smart.

I'd bet he used some mechanism, e.g. Cook Islands Trust or similar in a defendant-friendly jurisdiction.

If you do shady business, you have to have plan B.