WTF is the talk of removing licenses, fining, courts, etc. ? Just TAKE CONTROL. When a smartarse decides to ignore the speed, just vector him off. Have a discussion with unit management if you need to- i.e. as long as management will back you, 3 90' degree vectors (length at your discretion to suit the sequence) will usually solve non-compliance. Once captain 4-bars realises what is happening, he will stop showing off to the FO.
As usual, comes down to having a clued-up manager.