There seems to be a common misconception about what it means to be "unregulated". It doesn't mean that businesses engaged in the exchange of bitcoins are not subject to any laws.
I am confident that operating an insolvent corporation and engaging in securities fraud (front running, insider trading) are illegal.
I am not. Front-running is illegal if one is regulated by the SEC. Is it illegal if one is unregulated? It is illegal to trade stocks using insider information, but not Bitcoin. There are no regulations other than MSB requirements that provide any legal avenues for this......I suppose it would be a Civil Court issue.
Bitcoin is not a security.