"Took part" should include those who knew about the deception and did nothing.

Maybe it will yeet out all the "investors" who are just parking their money and aren't interested in what their investment is doing. Maybe that will help return the capital markets to serve their original purpose again.

The idea that you can just magically park your money somewhere and it automagically generates numbers, zero risk (because the government always bails you out, directly or indirectly) and zero knowledge requirement has turned out to be incredibly corrosive to society.

Reaping the benefits of the deception is taking part.

The shareholders are literally the ones that paid for the deception and who benefitted from the deception. Why in the world would you punish the hit man but not the one who paid for the hit?