If ICO wasnt been plague by scammers acts ICO will way better than IEO, ICOs are programmed to run on the projects very own website and no any third party involvement at all so any fund raised will go directly to the dev or project team, no loss of funds to scam exchanges,after some successful IEO fund raise on some exchanges they dont bother to send the funds back to the project teams
ICO was dead long time ago. Scammers are ruined it, after few successful ICOs, they use this type of offering as a tool to scam, and even easier than traditional way, get much more money without and lawsuit.
I Think ICO or IEO is not criminal. Scammers can think about anything to take people's money, they are should be eliminate for good.