True - in actuality, you have very little chance of the school taking any kind of action against you personally because you don't attend their school. The catch is in other schools finding out about it and withdrawing their offers. Technically this is supposed to happen. So if you are accepted ED to Cornell, bend the truth a little and say the FA wasn't good enough and they find out you went to Princeton instead, they will inform Princeton, who will (in most cases) withdraw your offer. (Of course this assumes the FA was similar).
The other catch is that if schools find out you did this with the approval of your guidance counselor/school (which they can tell if you apply to two ED schools that require something from the counselor), they can blackball your high school from allowing students to apply to that school for some number of years. Check out College Confidential - it has definitely happened. Not the OP's situation, but just a warning.
Also, when my sons were looking at applying ED, not only the student, but the parent as well had to sign the application stating they understood all the ramifications and what the penalties were. This really isn't something to mess around with, so I'd definitely talk to the school in the OP's case. It may even be possible to do so without giving a name.