For BBB the fraud is that the execs knew it was failing, used the debt to cash out. Maybe they lied to retail-investors but typically one has to tell the financier what the debt is for and then not doing that is a contract breach which could be labeled fraud.
They lied to no one. I don't believe anyone has questioned the financials.
I find it amusing that everyone has sympathy for the the shareholders (who were given an opportunity to get out), while no one seems to feel a bit of sympathy for the bond holders. If anyone was defrauded (and personally I don't believe anyone was) it was them.
