"not having product/market fit" is an interesting way of describing a company that is being actively investigated for fraud by the SEC.
Note that this is different from not having product/market because of lack of demand. which sums up SV startups.
It's one thing to rip people off, it's a whole another to build an entire company around a non existent product. The latter takes some Talented Mr. Ripley level of Machiavellianism ( or/and being born to a rich white connected sugar daddy).