I should hope that anyone who invests in stocks knows that the SEC does not have criminal prosecution authority, just like the FBI who investigates a federal crime is not the agency that prosecutes the offenders. People nevertheless sometimes end up in jail due to an SEC probe.
As for your opinion that "there is no fraud in the stuff SEVU did," it is just that -- your opinion. Don't assume there was "no personal gain" just because there were no 144 filings by any insider during the class period. The SEC, for example, routinely looks for nominee sales and undocumented offshore transactions.
See my recent postings on RB for case summaries on the class action lawsuits.
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