I'm failing to see the similarity here ... at all. The problem with the Honus Wagner alteration is that they were selling it as an unaltered Honus Wagner card. The whole purpose of erasing a sketch card is to fundamentally change it. Are you saying that the person had an $8 sketch card that they then altered to be worth ~$100 and then sold that for $100 under the guise of the original $8 sketch card? I mean, are they going to show a picture of the $8 card when they sell their reworked version?
Again, I'm not defending the actions, I merely fail to see how they are criminal. And, yes, I agree, the card's history should be made clear upon sale and resale etc.