I would bet that most of us at some point have had that type of crash, I know I have. Its part and parcel of learning to fly. Kilby I think you are right, it looks exactly like you described, Ive done that one myself.
I suppose it could have been locked in carefree mode without the pilot realizing it. A classic case of not knowing ones limitations. A few hours in the sim would have saved the day. Putting that much money in the sky without knowing what your doing is a crime against what we stand for.