The trick is still: who does the investigation?
There's probably a great deal wrong with this.
You want to incentivize the reporting of verified infractions, while de-incentivize false reports. A consensus system could be used to "verify" a report.
https://github.com/neyer/respect
if someone you respect, directly or implicitly, performs the investigation, then you can respect the results of the investigation. if someone you don't respect does it, you can disregard it.