There are a number of people and websites that make money by spreading conspiracy theories and other 'fake news'. I think InfoWars is probably the most notorious, but it's only one of a multitude of similar sites and people out there.
Let's say for now we have definitive proof that the person hosting a site that spreads conspiracy theories does not believe their theories are true, say they are recorded making fun of their watchers for believing the nonsense they say, including explicitly saying they make it up because people will pay to hear it.
If this person benefits only from advertising from people watching their site, are they in any way guilty of fraud by telling people something they didn't believe to get ad revenue?
In another example let's say they had a close relationship with a group that profited more directly from the conspiracy theory. Say they are spreading the dinar revaluation theory (the claim that the US is going to, somehow, try to repair Iraq's dinar currency by elevating it from its near-worthless current state back to what it was worth prior to 9/11, for some reason. Thus, supposedly, one should buy up dinar now before the US suddenly increases its value to 100 times its current value). Say after the person preaches about how much it makes sense for the dinar to be raised by the government they then point everyone to a website that sells dinar, at a huge markup, and in exchange the person receives some kickbacks or other benefits for recommending the site.
Would the person be guilty of fraud for spreading a conspiracy theory that encouraged people to make a bad financial investment they would benefit from?