Well, I certainly think most the weightloss industry is a fraud. Oz is a sellout and doesn't represent the true face of alternative medicine anyways. Its typical of media because they only give pseudoskeptics a voice and their always small-minded, pick on weakest case. You would do your health a favor by not listening to a huckster comedian simply getting ratings by the use of ridicule.
Actually, supplements are regulated or perhaps better than drugs as the FDA constantly threatens to shutdown the whole industry based on a few contaminated/spiked products. Really its a minority company/products giving supplements a bad name. Besides pharmaceuticals are far more dangerous telling by their laundry list of side affects and billion dollar class action lawsuits.