Firstly, do they actually state they are production boards or are we
assuming?
The honest way would be to paint them in their sponsor's colours etc but clearly identify them as Custom Board, shaped by 'whoever' and not pretend they are a Production Board.
If they are winning comps on a production branded board then that is where the false advertising comes in.
IF they were using the Custom Board to produce the Production Board mould then that would be different because WE would be getting the Custom shape as well, in a production board.
The only difference then would be the build quality, weight and strength.
Oh, and the ability to ride it