Only one of the men arrested has had his case resolved. Seven are still awaiting trial, expected to kick off this September, and one person's fate still remains in limbo.
In addition, there is still no verdict in the Ian Hannam market abuse case — the JP Morgan star banker who was forced to step down as one of Europe's most high profile financiers after a 5-year investigation by the regulator. Hannam denies any wrongdoing.
Furthermore, last year, three men were arrested in February after a year-long investigation which was eventually dropped. But not before their hedge fund was forced to close.
There is some progress. In London, abnormal trading ahead of deals has dropped to its lowest level in a decade. And, as a result of the FCA's proactive work contacting firms, "suspicious transaction reports" rose to over 1,100 last year, from 509 cases in 2010. Plus, the regulator has convicted 23 insider dealers since 2009, and 36 market abuse cases have resulted in bans or fines, including last year's one against David Einhorn and Greenlight Capital.
However, U.S. prosecutors have won a guilty plea or conviction in every case they've brought so far — nearly 80 of them.
For a better Hollywood ending, the FCA needs have a better hit rate in the cases it does take on. Too often its scatter gun approach looks like a case of a regulator crying wolf.
(Read more: 'Wolf of Wall Street': Who's afraid?)