"If they were indeed obfuscating purpusefully, then there is a fraud case in here."

Unfortunately, not quite. Our laws regarding these things are very primitive, which often means that you can be in perfect legal compliance, yet still commit some very severe fraud against the people you're making offerings to.

I find it rather unlikely that our regulatory system will ever catch up with the state of the art in finance. There's too much money to be made in the short term by shoveling risk off into the cracks and pretending on paper that it doesn't exist, and it's too easy to do.