You feel bad for him because you love him. You can't fix this problem for him. The only thing you can do is let him go for now and let him find a way to repair the damage.
Treese, you've got to save you and your kids. You cannot go down into the financial hole with him. You cannot save him.
Sit quietly, the answers will reveal themselves when you least expect them to. The past is gone, the present is a gift and you need to focus on today, allow the future to reveal itself when it is ready.