Spybot detects Fraud.HotspotShield as "very critical" malware and deletes everything necessary for Hotspot Shield (by AnchorFree) to run. Spybot indicates that Fraud.HotspotShileld says that it is anti-spyware, but then sends the user a list of risks, telling them they must by a license to have those risks removed.
The HotspotShield (by AnchorFree) removed by Spybot, however, has never sent me a message about "risks on my computer" or told me I needed to buy a license to remove those risks. In fact, it gets 5-stars from CNET - see their review at http://download.cnet.com/hotspot-shield/ They note that Hotspot Shield is a VPN providing security on open networks.
It would be great if someone at Spybot took another look at what's being detected and removed for Hotspot Shield (by AnchorFree)