Hey Leslie,
These are nasty buggers. Have lost whole trays of seedlings to them. And yes. It means the soil is too wet.
Note that there is a gradient between 'Amazonian Moist' and 'Death Valley Dust'. You are probably now on 'Florida Keys', but should tone it down to 'Denver'. There should be only enough water in the soil to keep it from pulverizing. Whene there is 'free' water it is too much.
The soil you haven them in now is damaged goods, and should be replaced.
Another site on bonsai
teels this:
Water
The soil should be cycled from moist to a bit on the dry side. Water the soil well and then allow it to go nearly dry. Consistently wet soil causes root rot. If the tree is allowed to dry too much the leaves will droop and look a bit shriveled. Watering soon thereafter results in no harm, but if the dryness becomes too severe the leaves will stay limp, turn black, and drop off the tree.
Should the leaves drop keep the soil slightly moist but never continuously wet. Replacement leaves will grow back in several weeks.