I think if nefario return all the bitcoins and the issuer-shareholder relationship database to GLBSE users, there will not be likely anyone suing Nefario and other GLBSE Global partners.. I don't think SEC will sue or after GLBSE persistently. SEC will just force GLBSE shut down by giving a warning. GLBSE is a very small business, SEC has something bigger to deal with its limited budget.
Nobody knows at this point what legal issue has brought about the sudden closure of GLBSE because Nefario has so far refused to reveal that information. While the catalyst may well have been the SEC's investigation into pirate, it could be the UK's FSA which has delivered the smack down. While it's true that regulators rarely pursue
criminal charges against small operators, that doesn't mean that they don't issue administrative penalties against small operators. Regulators also decide to blitz specific types of illegal activity from time to time and they generally throw the book at anyone who gets caught during such blitzes.
That GLBSE was offering unregistered securities to the public is only one legal issue. It also played a role in facilitating pirate's scam and that may create a bigger legal problem for the owners than simply operating an unregulated exchange.
Well I do I spoke to him on the phone. He risks jail time for funding terrorism, money laundering and that's without any tax issues. Nafario's get out of jail card is that everyone who wants to withdraw coins or shares will have to comply with AML regulations. He also said he will soon have a way for assets to pay dividends but not trade shares.