If calisto is referring to using a stock photo of a woman and pretending YOU are that woman, then I would assume that it is indeed fraud. I doubt it's legal to conduct business with people while claiming you are somebody you are not.
Drake, what you are referring to is merely using those photos to dress up a site or an ad or something without actually claiming you are those people. I can have a website that promotes something and just have photos of people up everywhere as long as I don't claim that I am those people.
Of course, I'm no lawyer, so take that all with a grain of salt.