While I agree with your sentiments about IPO's, I really don't think this is a scam (or at least was meant to be).  I think the owner just trusted the wrong people to create his coin for him and got burned.  He does seriously need to start communicating with his investors and the community though.  Failure to do so leads to mistrust and wild speculation...and people threatening legal action.  He's probably sweating bullets right now trying to figure out what to do about this mess.