Ignorance of the law is no excuse. This guy knew what he was doing all along, and he needs to serve time. Regrets is either in on the scam now or just a gullible idiot.
Clearly
Fraud departments take time (usually 1-3 weeks) when they investigate. This scamming spree seems a bit messy and complicated, but I would be surprised if he manages to pay everyone back before they act. I had a situation with Wells Fargo where my account was compromised 2 years ago and it took them almost 3 weeks to get everything sorted out.
Just because he pays people back and they don't follow legal actions doesn't mean he is off the hook. As previously stated he knew dam well what he was doing.