Agreed. The SEC goes after the low-hanging fruit first: Oppenheimer with deep pockets and a reputation that is worth paying to protect.
Next they will go after the parties who were/are subject to U.S. laws, as it will be easier to use the IRS and courts for enforcement.
I think Gibraltar has already been shut down, but they will most likely be the last ones to face the music since they're off-shore and harder to get to.
The wheels of justice grind slowly, but at least they are in motion...