My point is..the Cheats have been exposed as cheating once, strongly suspected once and yet they still fill their squad with more British Lions than Scotland do under a reduced salary cap. The players know what Sarracens are before they sign. They cheat, and players go into that environment knowingly.
The comparison with Wasps doesn't work. Wasps were in financial difficulty, but most clubs are, so it is a risk either way and traditionally sports clubs at this level (mainly football clubs admittedly) find a rescue package from somewhere. So, yes it is a risk, but no significantly different from signing for most clubs.
If the players are so gullible that they can't see that the Cheats are still cheating, then I'm a Nigerian Prince looking to give them £40m (for a small cost to cover my admin obviously). I have no sympathy with any player joining that club, they know what they are getting into.