> Martin Shkreli's MSBM collapsed by 2012; he wasn't indicted until 2015.

This doesn't seem like a good example. The way I understood the story, Shkreli ran an effort that collapsed. Then, he ran another effort that was very successful. Then, he took money from the successful effort and used it to pay back everyone who invested in the flop.

By that accounting, it doesn't really matter when the flop collapsed, because at that point he hadn't done anything wrong.