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In any event, successive regulatory tightening and tax increases have already created a “reasonably effective deterrent” to market entry.

There is a second complication. The relentless flow of Commission statements may eventually make enforcement less damaging rather than more.

“The regulatory failures are unhelpful but perhaps the sheer number and regularity of them has made them less remarkable, such that they become ‘wallpaper’,” Waugh says.

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Raja, who has publicly described himself as the company’s founder, did not formally become a registered director until 2017.

Raja has characterized the allegations and media reporting against him as a “personal vilification campaign.”

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