Soldato
Wrongful - (of an act) not fair, just, or legal.
Breaking the TOS is not illegal, fair and just is somewhat subjective and personal opinion. Therefore by that definition it could be argued that a VPN to get it cheaper isn't fraud but Netflix raising prices is.
When you take out a subscription you are forming a contract.
The contract is for them to supply X and for you to pay Y.
If as part of that contract you are confirming you comply with their T&Cs, then your by default lying when forming that contract.
Its not illegal. But is is fraud.
Its bloody minor fraud and as such it would almost certainly not go anywhere beyond what I would suggest the maximum point of them trying to refuse to serve you.