Think about it.
It makes more sense if you assume he's actually going after the Fusion GPS related conspiracy.
The fraud was creating a bunch of bogus 'evidence' (Dossier + DNC hack, Guccifer 2.0, Papadapoulis, Natalia, Alta-bank DNS logs, etc) to convince the FBI to wiretap Trump associates.
It was all conspired and financed by Obama and Hillary.