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The thing to remember is that it IS VERY CLEARLY a breach of contract to do so. YOu might get away with it for a time, but you will always be at risk of it, and if you get noticed for another reason, well, you're going to have a bad day.
Rest assured that breaking the region lock to purchase games isn't so easy anymore as you now have to have a registered address in that country plus a payment card provided by that country too.
For using one to bypass regional restrictions or to make purchases? Yes.
For Steam accounts, they can not be sold, traded or transferred. The account may be locked if it has been found to have as such. There is also the potential of the original owner reclaiming the account for the buyer, and the buyer would still be out the money spent.
Don't argue with them. If you suspect they have done any of the above, report the account and move on.
A bit of advice, you're probably wasting your time. They either know what they're doing or have rationalized their actions and since you're not in a position of authority they're free to ignore you or argue in circles.
If you get caught abusing the system Steam will punish you. They don't benefit from enabling it. There's just a lot of users to manage... You may not always agree with the consequences or the time frames involved. But it's not your job to worry over them either.
I don't know anyone personally that it happens to, however, I did read here on the forums from the past at least twice if I remember correctly someone that got here talking about getting his account locked/banned as of using a VPN to buy games
I assume most that do it will not post about it in most cases
Overall I think sooner or later Valve will get on them, and they may get punished for it, hopefully also learning from it