What? The fact that the fraud is successful for some non-zero amount of time is not evidence that it's not a fraud. It just evidence that it's a successful one,

What? The fact that the fraud is successful for some non-zero amount of time is not evidence that it's not a fraud. It just evidence that it's a successful one, which is precisely what's being alleged. Enron, WorldCom, et al worked until they didn't.