Yeah, there is zero basis for any kind of fraud allegation. Rhode Island gambled on a risky business venture and lost. There wasn't some massive conspiracy hiding the fact that most MMOs don't do very well. And it's not like Schilling walked away from this any richer. Dude lost an enormous amount of money even for him.
People made their mistakes and have already paid for them. There's no need for additional witch hunting.
How to become an "indie game developer": Dye your hair a bright color, take a strategically angled profile pic, create a Tumblr account, fight on Twitter all day, and under NO CIRCUMSTANCES ever create an actual game.