I partially agree with you, but something has to be done because it has become so prevalent and so damaging. In British Columbia a number of seniors committed suicide. There has to be some stop to that carnage in the financial marketplace, because lives depend on it.
Maybe it needs improving and it should be broadened, and maybe it should be less than $1 million. But it should be cumulative, because the $1 million can be arrived at in different ways. If you defraud 500 people for $2,000, that's $1 million. Maybe that $1 million should be cumulative. It should also compensate people who haven't reported but were found to be defrauded.