"A swindle would keep raking in the money without thought of deliveries."
I don't agree with the quoted language as a complete response to my question. Yes, the quoted language is an example of a swindle, but it's not exhaustive. Are all funds available for refund for all watches not yet delivered (or as to which fabrication has commenced)? Does he still reasonably believe that he can deliver all watches? There is a point at which perfectly legitimate intentions at inception later become a swindle.