Nah, I wouldn't even go that far. Since the bitcoins don't even have a fakechain block they can't be fake. All they are is someone saying they have more then they do. When it comes time to deliver all they have is air. They don't exist. Nada, nothing.
Is there any reason an exchange operator couldn't create an account and sell a bunch of "fake" bitcoins? By "fake" I mean just setting bitcoin_balance in the database to 1,000,000 without actually having any bitcoins. As long as they stayed on the exchange everything would be fine. That is until they didn't have enough "real" bitcoins to cover transfers. I don't believe that's happening, but I'm just trying to convince myself for sure.