I think what Sam is saying here is true, if customer deposits are being used as leverage and not as investments.
It’s arguably a bit misleading, if Alameda was a customer with a seemingly unlimited line of credit. Bu t what Sam is saying is still true.
I respond to the TOS points above. But to me—and I could be wrong on this, as I have not been in securities litigation for many years—the terms of service aren’t really dispositive.
I think what Sam is saying here is true, if customer deposits are being used as leverage and not as investments.
It’s arguably a bit misleading, if Alameda was a customer with a seemingly unlimited line of credit. Bu t what Sam is saying is still true.
I respond to the TOS points above. But to me—and I could be wrong on this, as I have not been in securities litigation for many years—the terms of service aren’t really dispositive.