You're being legalistic I think. He's doing what you and I are doing but with leverage with multiple accounts. Now, if he's using those accounts to launch a fraud coin and giving it legitimacy by using 5 hero accounts then yeah, that would be both, illegal and unethical.
But if he wants to use them to earn money and in some cases shift opinion and influence of a thread in his direction then I really don't see why that's bad.
Legalistically, there is no line between the two scenarios you just stated. It is all fraud if you are using impostor accounts to speak on your behalf.
No, my real name is not Nutildah, but I don't go around posting under a dozen other aliases that are trying to further Nutildah's bidding. And if I did, hopefully you'd be able to notice. Just like I will be able to notice when CFA starts his plan.
Unless I don't see those threads, and there's a good chance I won't.