The problem is they have been with the company and the company can be found liable for the actions of its senior management. Doesn't matter if they are no longer with the company going forward. It puts a big cloud over the company and opens them up to SEC investigations, lawsuits, etc. Not sure how you can separate their criminal actions from the company due to the fact they were the two top officers in the company.
Agreed the company needs new management if your plan of operating it debt free occurs.