OPINION OF THE COURT ADAMS, Circuit Judge. This appeal presents the issue whether alleged misrepresentations and nondisclo-sures by a brokerage firm regarding the credit terms of a margin account fall within the ambit of section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1982) (Exchange Act), and two rules promulgated thereunder by the Securities and Exchange Commission (SEC). The di…
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