Morally bankrupt? There wasn't any "official" hiring, you do realize that? He didn't sign a NDA, or contract.
Maybe I'm old-fashioned, but I believe that just because it's not a strict employer-employee setup with legal contracts, it doesn't make theft ok.
If someone were to hire me for a job and they didn't legal me to the hilt, I wouldn't be sitting there thinking, "No NDA? No non-compete? Haha, better luck next time sucker!" and try to steal as much as I could.
But, not everyone thinks the way I do, so whatever. To each their own. If you want to justify theft and you're cool with stealing, more power to you.