I don't know the answer to this, but I do know that the people who put their money into these things are not innocent creatures who thought they were investing in a real world changing innovation, they're greedy idiots who deep inside knew it was a scam but greed beat them.
So maybe in a libertarian society where scammers don't go to jail these people would probably be more careful about where they put their money, maybe the lack of 'justice' would make people less stupid about where to invest.