Can you hit your own bid from your other account?

[originalskunk]

Quote from Mvic:

Losses in the one don't translate to gains in the other, other market participants may have something to say about your little transfer scheme.

Not to mention the IRS

 

[Lucre]

What a crazy thread. While I wait for the close, here's a (semi) related story from long ago.
A couple of times, when my equity fell below 30% and I had a concentrated position, instead of getting above 30% by selling, I waited until about 4:14 and took out the paperthin offers on the PSE. The couple times I did that, the "consolidated close" was that last trade, which was 1/4 - 1/2 above the NYSE close, and was what my broker used to mark its accounts.
It worked (meaning that my equity was above 30% next morning, I remained leveraged and avoided a call), but it was more of a distraction than a reliable way to make money.

 

[Don Bright]

Quote from Toonces:

I just came up with another reason to do this.

You've traded all year in an individual account, and made a decent amount of money. It's late in the year, and you just opened up a coporate account for the purpose of contributing to a retirement plan. But you're running out of time to put anything significant aside.

You still have your individual account with broker A in your name, and a corporate account with broker B, in the corporation's name. You generate losses in the individual account while providing gains in the corporate account.

I happen to be in this situation, and I have to admit it's tempting...but I don't think I could do it.

What are the likely penalties, anyway? Could they put you in prison? Never let you trade again? (No, I'm not going to do it!)

No, no, no, don't even continue to think about.

Don

 

[eusdaiki]

Quote from Don Bright:

No, no, no, don't even continue to think about.

Don

Wise advice Don.
That line of thought could end up in a 3-5 years federal vacation...

 

[seasonedpro]

Quote from Lucre:

What a crazy thread. While I wait for the close, here's a (semi) related story from long ago.
A couple of times, when my equity fell below 30% and I had a concentrated position, instead of getting above 30% by selling, I waited until about 4:14 and took out the paperthin offers on the PSE. The couple times I did that, the "consolidated close" was that last trade, which was 1/4 - 1/2 above the NYSE close, and was what my broker used to mark its accounts.
It worked (meaning that my equity was above 30% next morning, I remained leveraged and avoided a call), but it was more of a distraction than a reliable way to make money.

this is also a dicey line to walk... it's called painting the tape and is pretty easy to do for thin issues. probably easier now with hybrid.

 

[Toonces]

Quote from Don Bright:

No, no, no, don't even continue to think about.

Don

I'm not that dumb. I'm assuming this thread was just started for fun...something that no one would actually do.

 

[eusdaiki]

Quote from Toonces:

I'm not that dumb. I'm assuming this thread was just started for fun...something that no one would actually do.

You should never underestimate the stupidity of the masses.