^ You only hear the above statement in the player behaviour or miscellaneous sections of the boards written by salty people who just got perma banned, and can't handle the fact that they have lost lots of money in skins, champs, runes, etc. They believe they are entitled to what they have purchased, and that Riot owning their account is bad.
I am going to explain why this logic is counter intuitive and really proves the opposite of their point. This is your account we are talking about. You are 100% responsible for anything that happens to it, meaning when Riot reaches out and help people who actually get hacked or have been banned by mistake or aren't really toxic, they are been generous.
Specifically focusing on the people who are toxic as they are the most common culprits, they say Riot is greedy for money and will ban you and steal all your money, and they should transfer or give you a refund. 2 ways of looking at this. 1. A business standpoint 2. A fair standpoint. Both ways you can look at it, Riot is in the right.
1. Business standpoint.
You have spent money on your account, and have received an item. You have not received skins, you have received Riot Points. This is now your money, or your currency. Your real life money is now irrelevant, this is a bitcoin. You use this bitcoin to buy other virtual items, which you get your use out of and own on your account. You may apply these cosmetics, gameplay moderations, champions, or hextech boxes whenever you wish to. So you get your moneys worth, if you are irresponsible with your account and these things are lost as a result of your actions, you are in the wrong, not Riot.
2. Fair standpoint.
You say that Riot shouldn't be able to ban or take away things from you as you have spent a lot of money. If they followed your logic, only then would they be greedy. Riot holds a consistent standard. If you do something wrong, you can receive a punishment. If they made exceptions just because you have spent money on them, and poor people get banned while you get privileges, wouldn't that make them greedy for money? You have spent money on things of your own will, and they are removed as a result of your own will performing actions Riot does not want you to.
All of this makes sense to me. Why is it hard to get for some people? I feel like I rushed this a bit but it really is important that people stop hating on Riot for no reason, because if they actually mess up it will be nullified and possibly go unchanged.