Sounds exciting, but do you honestly consider this fraud? C'mon, honestly? Tom delivered FPGA products before. He was running the whole thing like a somewhat profitable hobby. Then ASICs became an option, and he bit more then he can chew. He folded under pressure, and acted like an idiot on few occasions. Obviously, some people are getting refunds. Is everyone going to get their money back? We don't know. Is he (and others from his former team) trying? Obviously, yes. Was he competent and able to deliver ASIC products? Obviously no. Was this fraud? No. See above.
From my understanding you can't use pre-order money to run your business. All the funds should have been sitting in an account, meaning everybody should be able to get a refund. If they are not then there is a possible case of fraud here.