To me, if he had actually taken the money and bought a bunch of paintball guns or guitars with it, then this would be much more of a heinous, unforgivable actual crime.
It seems to me Heath got caught between a rock (promising to send yo-yo profits to charity) and a hard place (promising to use yo-yo profits to send his yo-yo team to Worlds) and … well, if there’s not enough money to do both of those things, what the heck do you do in that scenario?
So, being human and in a tough position… he made a bad call.
And eventually, fixed it, with an honest apology I’d grade as 9/10 on the apology-o-meter. I have seen SO MANY (oh my god soooo many) people that never apologize or, even worse, apologize in that crappy, insincere “I’m sorry you thought this was wrong” way. Heck I can count on one dang hand the number of times I’ve seen anyone honestly apologize for the bullcrap they’ve pulled online. And I have seen some 
my friends. I really have.
If you’ve never made a bad call in your life, you’re a luckier man than me. The true measure of a person is not avoiding mistakes, because mistakes are inevitable – it’s how you handle them.