They could potentially refer, but they would at best be referring for further investigation since many of the investigative tools necessary to pursue individual

They could potentially refer, but they would at best be referring for further investigation since many of the investigative tools necessary to pursue individual criminal indictments are not available to them. The FTC is limited to administrative powers and can take civil actions -- that's it. As far as going after investors for fines, I've never heard of such an attempt by the FTC against backers of an LLC, and I suspect that would be tied up in courts and legally inviable. It's nice to fantasize about regulators making these kinds of smackdowns, but their real world powers are quite limited by statute and case law.