Ethics about stock account that they control and buy and sell with.

Forum|Forum|4 years ago
April 6, 2022
2 replies
10 views

Is it legal for someone to use their stock account to buy and sell short term from funds unknown to me? I know he did not have 1.5 million to do this.

Lacerte Tax

This topic has been closed for replies.

IRonMaN

Level 15

Do they have 1.5 million or are they buying and selling using the same 25 bucks they started with?

Slava Ukraini!

C

Christine384Author

Level 3

Looking at the 1099-B he bought 34 pages of individual company stocks with average quantity of 10 to 20 stocks. The majority companies are well known names. All new purchases and from the past reports, not the same stocks he has always been in.

I know for a fact he does not have this kind of funds. He runs with wealthy people and thinks he is at their level or trying to be. He borrows money from a family member to pay his mortgage periodically. Sound like a problem to me.

I assume people can give money to some one to invest for them but seems like a tax evasion issue.

This is out of my scoop.

Thank you for responding.

qbteachmt

Level 15

"unknown to me?"

I guess it depends on who you are and who they are and the relationship to the money.

"Is it legal for someone to use their stock account"

Not illegal, if it is theirs.

"he did not have 1.5 million to do this"

A person might be trading on margin.

Don't yell at us; we're volunteers

Sign up

Login with SSO

Let's get you signed in

Login with SSO