If you are charging two companies for 40 hours per week of work, while only working 20 hours per week for each of them, then that is fraud by any reasonable definition of the word.
I take it you've never had a salary pay job in America.
One of my recent jobs had me working 100 hours per week for $130k (base salary). Every job I've ever had expected overtime without extra pay. One job had me working through every holiday without bonus.
I've had some shitty jobs, but it wasn't illegal for them to demand this out of me.
My contract says that I'm expected to work Monday to Friday 9am to 6pm with a one hour lunch break (so 40 hours) but it also has some vague, ambiguous language about "occasionally" working "additional hours" as business demands it. So they can make me work 50-60 hours in one week and it wouldn't breach my contract.