Is this legal?

They'll nail you for that under false representation and likely get your account suspended. But first someone will have to catch it and flag it. Sometimes these things go unnoticed for a long time until the guy who owns the video catches wind of it and flags it.
 
Ya, its done all the time... Legality has to do with jurisdictional issues. Like was said before, the most that will usually happen is your account will be suspended. Unless of course we're talking a multi-million dollar company that wants to go avert you for trademark violations and make an example of you to others (rare but it has happened).
 
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