The game pitched in 2012 was supposed to be released in 2-3 years. They raised a tone of money, they kept adding features so at some point much of the progress they made during these 2-3 years was thrown in the bin because it was incompatible with the new, grand vision. They hired new people, including quite a few from Crytek but then they realised they can't make a MMO on CryEngine, it has too many issues related to the fact that it was built for shooters not MMO's. Then they changed the game's engine (although the official line is that "it's basically the same engine" - it really isn't) so more work thrown in the bin. They triumphantly started working on Star Marine, including cringe worthy "team play" videos, but that got binned at some point too. They redesigned ships a million times including ones that were never released (someone got paid to design the ship and despite it never being released, then they got paid to design it again and again). All of this cost a lot of money I wouldn't be surprised if they have spent at least 100m of the 150m they received so far. A cheap code monkey costs at least $80k per year, multiply by 5 and you get 400k, multiply by 250 (that's a median no., the team is bigger now, used to be smaller) and you get 100m.
So here we are today and let's be honest, they don't have a lot to brag with after 100m+ spent so far. Roberts has good intentions, his vision is something I'd "dig" into any time.. but not like this. He's a horrid product manager with a bad track record(Freelancer), his "Co-Founder" is an actress, shoe designer who also happens to be his wife, the module approach was a bad choice (he should have gone for an initially smaller but easily expandable game) and if not much changes in 2018, there's a real possibility that they will run out of money.
The project itself is definitely not a scam, it has a chance to succeed but that chance is decreasing with every passing month.