This was a clear con from the outset and whilst I agree with your sentiment on government involvement, you only have to look at what has happened to see that without it, nothing would happen. The founders would skip off with the loot and the promoters would skip onto the next scam!
I seriously think the promoters who were so public have more to worry about than just the law! There are slot of people who lost a lot of money and they are going to blame someone!