in my opinion this business of issuing unregulated investment securities seems like the type of thing they'll bring the hammer down on, hard, sooner rather than later, exposing the issuers, investors, and/or exchange operators to significant legal risk ... especially if things go wrong.

Nefario has, without a shareholder motion and in violation of the bylaws and GLBSE ToS, decided to close down GLBSE.
[...]

He is also illegally using user deposits to pay for his lawyer.

[...]

Since Nefario refuses to give complete details about his legal concerns and he has been acting strangely, I feel that it is somewhat possible that Nefario is working under some sort of plea bargain and is gathering IDs for future prosecution.