I think you're thinking this is more likely to be an honest attempt at a medical treatment, with the goal of furthering scientific and medical knowledge. I think that is extraordinarily unlikely. I think it is more likely that this is a scam.

My reasons are that (as others have pointed out), one does not start medical trials on humans; I am unaware of any plausible reason for why this would help in the first place (stem cells are not magic); they apparently did not follow proper protocols for eye treatments (start with one eye instead of both); the women were clearly not informed of the risks; and finally, this was a paid treatment.

For more, see these two blog posts I pointed out in another comment: http://theness.com/neurologicablog/index.php/alzheimers-and-... and http://theness.com/neurologicablog/index.php/more-stem-cell-...