I was looking into several sites and perfomed a WHOIS lookup on them. I noticed that many had falsified information listed in their fields, and these sites were registered through an ICANN accredited registrar. As an example a domain was registered to :

Company Name
Cyber, Space 61294 (zip isnt even valid as far as I can tell)

Is this legal???
If it is not, then how can domains get by with doing this without being terminiated?