UM Financial Inc - Lessons learned?

I am a Canadian and followed this situation with interest. Lessons I have learned are the following:
- Scoundrels are found in every religion. Islam does not have a monopoly on ethics.
- The sharia board in this instance failed in its duty; in fact some members apparently were complicit in the fraud - planning to receive smuggled gold as payment. I am not sure if they ever got it.
- Islamic institutions should be subject to the same financial regulation as secular institutions, by an independent secular regulator.
- It is sad that devout Muslims unquestioningly follow the dictates of sharia boards paid to issue fatwas. Does Allah really care if you have an expensive mortgage packaged in an Islamic wrapper with arabic descriptors? I think not. There is a modernist school in Islamic scholarship which asserts convincingly that interest in modern financial markets is not riba - it is not exploitation - and that Islamic finance should be about ethics in the modern financial world, not about the details of contractual wording.