IANAL (though I do read Matt Levine, and I stayed at a Holiday Inn Express last night) but my understanding is that yeah it's securities fraud if you are a public company because you are reporting sales numbers that are essentially fake, thereby defrauding the investing public.
Is it just regular fraud if you're not a public company? Or if you are a public company and do juke your sales stats this way, but are open about it in your public filings? Not sure.
