Is it a conspiracy to frame a guy or is it real? Either way, we would want to know if Watchtower did a serious cover up of a guy who allegedly harmed children, or if another guy went out of his way to play on our emotions and try to frame someone?
I've seen two versions, one has Lloyd as a WTS plant / double-agent. I think that is really fanciful, and not how they operate. Although IMO he has damaged the exJW community, I think that isn't anything todo with them or any plan by them.
But could they have covered up something he was personally involved with? We know for a fact that they do things like that, and he himself campaigns that they do, so yes, it's certainly possible and would align with some things we do know. I struggle to think of what else fits with the claim he's made that he has something on them but refuses to release it and refused to record his own judicial committee meeting, using the bizarre and nonsensical claim that he wouldn't "because he has nothing to hide". Are those things linked? Who knows ...
So maybe "conspiracy lite"? Who knows ...