In terms of "fraud", among the fake profiles on sites like MySpace, the Lori Drew case is about as weak a case as a federal prosecutor could pick. The case was picked due to the outcome, not due to the facts or magnitude of the alleged misconduct. I've seen far worse conduct - networks of fake profiles set up to spam other users (this is no secret: you can buy software to automatically create those profiles and networks), fake profiles meant to defame specific individuals, etc.
While it appears to take action against violations that come to its attention, I see little evidence that MySpace wants to eliminate all fake and dodgy profiles on its service. I suspect that's because that would likely result in a substantial dip in both its claimed number of users and traffic statistics, and it wants to maintain its diminishing statistical lead over its competitors.
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