If it can be proven that BFL knew their timelines were unachievable, then they knowingly participated in a deception. Ergo, fraud.
And there's the rub. Proving that they
knowingly participated in a deception is fairly difficult.
Hanlon's Razor states:
Never attribute to malice that which is adequately explained by stupidity.
On the face of it, the simplest explanation is plain incompetence. To make it to the level of fraud, you're going to need some proof. Note that I'm not actually saying that BFL are (or are not) fraudsters. Just pointing out that the legal threshold for calling it "fraud" is just a
wee bit above the allegations thrown around by the armchair lawyers here.
As an aside, designing and manufacturing an ASIC is quite a bit more complicated than most of the armchair hardware designers would have you believe as well. I write software for a living, but I do it in a hardware world. It's pretty fucking difficult to ship a commercial hardware project out the door, let alone one that involves custom silicon.