Don't kid yourself. Categorically, there are/have been thousands of companies, scam artists, individuals, institutions of every kind everywhere, equal to or worse in every respect as/than than Wave Systems.
Essentially, Wave is no more than a small time example of this reality.
Remember the subprime global financial debacle when NOT ONE of the the guilty were indicted; but instead rewarded with bonuses while selling their shares, and leaving the common/average guy with nothing, and the off to the sunset living happily ever after?
I suggest Wave's legal form lies, deceit, and corruption is of little note compared to the BIG picture.
And you know what, it may surprise you, but it is still going on. Take my word for it.