What actually happened to the money?

In Act II, both Walter and Bobo gave Willy their share of the money to invest in the liquor store. Although Walter could not make it to the meeting, Willy and Bobo were to meet at the train station in order to go to Springfield. In Springfield, they would obtain the liquor license necessary to proceed. Bobo, however, says that Willy never arrived. Walter learns that he has been scammed out of his father's insurance money.