So a casino being regulated does not really protect you from the possibility of being scammed, and at best it will just decrease the chances of this happening to you.
Yes being regulated is a protection already but if the casino eventually scam then it is not the fault of the player, no one will blame the player for not being careful because he has done the right and expected thing to be protect his money.
If a casino that is regulated get to scam their player then it is the duty of the regulatory body to retrieve the scam money from the casino because they must have known the contact of the casino through the contract that was signed. They also would have some money that the casino keep out with them before they are allowed under their regulation and control because that is part of what regulation is. You will not be under regulatory body whilst they won't have some advanced money under the regulatory body, this is my believe. However, it is still better to play under a regulatory body than playing with a casino that is on its own.