Wrote yesterday in the Chelsea-related thread I think it's possible the club are already anticipating some kind of transfer / registration ban and that may have played a part in being so willing to spend heavily in the short term for both immediate first teamers as well as promising youngsters to be developed elsewhere.
With the amount of transfers we've done in the last year or so I honestly don't see a huge need to continue the heavy spending with or without a ban. Our squad building is currently more or less 'finished' and right now the best course of action is to just be patient and see who cuts it at the required level and who doesn't, without interrupting the flow too much with big changes to the squad. We've got some really promising young players in the first team already and then there's also the development group (Angelo, Casadei, Santos, Washington, Hutchinson, Kendry etc.) where we could eventually end up getting further reinforcements if some players in the squad start looking like they could need replacing and few of the loanees have performed well enough to be considered for a role.
If the club were offered a choice between a points deduction or a transfer ban as potential punishment for breaking the rules, I'd pick the latter any time. And seeing as how the current owners have self-reported most of the dodgy stuff already and are co-operating with the investigation instead of just flat out denying everything it's very much a possibility they could be able to have some input in what the potential punishment could end up being.