The firm was fined because of their 'work' with Cipherloc.
The firm was hired by Cipherloc to represent them. This is just another example in a long pattern of Cipherloc not engaging with reputable firms.
Finally, if there is a law firm interested in suing the broker due to the failed Cipherloc offering. How long will it be until that firm or another sues Cipherloc itself?