My understanding is: he seemed pretty quick to take the money, but didn't send the poster any key, generic or not. That's fraud, pure and simple.
the 'taking' of the money is automatic. when he gets back from his trips, he then forwards keys to folks. the issue is also that the key generator is effectively lost at this point. i agree stefan should post something saying that people should expect to wait a while before getting their keys, or at least lower the price, or... anything, really.
i should also point out that stefan is no longer involved in MUI development, even though he receives funds for keys. the current development team are awesome guys, so, let's be careful about throwing around the 'fraud' term. i wouldn't want people to get the wrong idea. that said... yeah, the situation is unfortunate.
@Jeff
i do hope you get your key soon!

-- eliyahu