From what I've read, "investors" aren't being mislead about where their money is going. They simply aren't being told to a satisfactory degree. That may be splitting hairs, in your book, but this is a classic example of "buyer beware."
The thing is, investors have been told where the money is going:
Q: What are my coins used for?
A: Coins are primarily used for large investment transactions but may also include the following:
Market Arbitrage
Private Loans To Network Members
Never Criminal/Illegal Related
Pirate has also claimed that BS&T isn't a ponzi, so if it is, investors are clearly being mislead:
Q - Is BTCS&T a Ponzi?
A - Although, theoretically I could have run a Ponzi scheme for a while early on, it just wasn't something I would ever want to be a part of. If I wanted it to be one, it would have been at much lower rates and I'd be asking for everyone to join.
(there's a better quote somewhere I'm sure but I couldn't find it).