Of course it creates the potential for fraud, but until the copyright holders do anything about it, we'll be stuck with this problem.
Card companies don't seem to want to tackle the counterfeiting issue like they used to do. While the Parkhurst name appears to be in limbo, there is an owner out there that leases it out. However, they may not own the rights to the individual cards.
However, you also have to wonder if the copyright on the original cards has actually expired. If so, that's pretty scary as we're going to get to a point where the only safe way to purchase vintage is to go graded.