Don't think giga's actions have much to do with insurance or risj of fraud - more to do with attempting to (after the fact) make his operation appear to be a private rather than a public offering: which involves knowing the identity of the other parties and no trading of the "securities".
I think Deprived hit the nail on the head.
I also suspect that gigavps is violating his contract he had with his bond holders, and is thus exposing himself while trying to unexpose himself. If you cannot continue operating under those terms, better to close out the bonds in an orderly fashion while abiding by the contract than to screw over everyone whose hand you shook while you took their money.
Then you can start up some new bonds with a clean conscience and follow all the rules.