@dumpdapump you misread. Considering =/ intend to. I do nonetheless like to plan ahead whenever possible, consider scenarios. If my consideration were to resolve favorably towards managing client funds, then I would be intending to do so. The issue posed with #6 resolves in determining if providing false statement to a broker regulated by SEC breaks any laws. Since starting this thread I have reached the conclusion that it is a gray area.
Trading Forex in the US after new Dodd-frank rule
- Thread starter panganp
- Start date
Doing so violates at the very least your agreement with your broker. And brokers share black lists in case you were not aware of. Should you get caught you may find a hard time to open another brokerage account in the US ever again. I as Ib customer find this pretty fucked up . Don't mess upthings for yourself and fuck it up for the rest of us is the best advice I can give you. Staying on the right side of things can't get you into trouble. Think about it. Over and out.
I see you unfortunately are a righteous person with intellectual limitations. Refer to post #1, where I stated "refraining please from righteous statements regarding right vs wrong. This is about legal or illegal, not right vs wrong. If legal its OK, if illegal it is not."
IF LEGAL ITS OK, IF ILLEGAL IT IS NOT. Try to understand that concept. For right vs wrong you can talk about Trump with someone else. If an entity or person is negatively affecting one's welfare, a rational person should determine if one has the LEGAL RIGHT to say no. Sheep say yes to everything and follow passively. Smart people only say yes if they have to or want to.
Was forgetting for a moment why I stay away from forums. Its impossible to have a civil conversation. Thanks for the remainder. Go ahead and write whatever you want on this thread, I will be ignoring you. Cheers.
Fortunately I am trying to be a righteous person. You got that mixed up. And it always served me well.
And you can provide guidelines in your thread how you want the thread to go yet that does not mean you can force others what to say or not to say. As mentioned I hope you don't fuck it up for others. Guess why those KYC rules exist. Because of people like you and those who even like to go a step further, individuals who have no qualm at lying and defrauding others as long as you think it does not land you in jail. So, yes, it pretty directly affects me and everyone else when you intend to lie and defraud. And yes it is illegal to lie on a brokerage application and to violate agreements. In any event of disagreement over this issue between you and your broker you can be taken to court over lying and violating your agreement with the broker and for misleading the broker's regulators. I am shocked how little regard you have for agreements you make with others. Your family is OK with you lying to your counterparts? Why would they place money with you? Are they not afraid you will defraud them in the same way you intend to lie to your broker?
And you can provide guidelines in your thread how you want the thread to go yet that does not mean you can force others what to say or not to say. As mentioned I hope you don't fuck it up for others. Guess why those KYC rules exist. Because of people like you and those who even like to go a step further, individuals who have no qualm at lying and defrauding others as long as you think it does not land you in jail. So, yes, it pretty directly affects me and everyone else when you intend to lie and defraud. And yes it is illegal to lie on a brokerage application and to violate agreements. In any event of disagreement over this issue between you and your broker you can be taken to court over lying and violating your agreement with the broker and for misleading the broker's regulators. I am shocked how little regard you have for agreements you make with others. Your family is OK with you lying to your counterparts? Why would they place money with you? Are they not afraid you will defraud them in the same way you intend to lie to your broker?
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In the old days, like mid 90's, you could open an account and trade the same day based on you verbal to the broker you were going to deposit $ in the days to come. Not anymore. At IB I could not even trade until about a month after my check had cleared.
These days brokers are not going to take on any risk from customer's - in fact it is us the customer's assuming most to all of the risk - some futures and a lot of forex brokers have gone under leaving customer's holding the bag. The small fish account with not enough to make the SEC PDT $25K got around it by opening accounts at brokers like IB by lying about their net worth/salary/trading experience/etc to trade futures & forex -will they bring IB down? Unlikely with margin requirements & auto liquidation.
These days brokers are not going to take on any risk from customer's - in fact it is us the customer's assuming most to all of the risk - some futures and a lot of forex brokers have gone under leaving customer's holding the bag. The small fish account with not enough to make the SEC PDT $25K got around it by opening accounts at brokers like IB by lying about their net worth/salary/trading experience/etc to trade futures & forex -will they bring IB down? Unlikely with margin requirements & auto liquidation.
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Prior post should read "self-righteous". Either way I refuse to care about puny forum fights. Forum quarrels waste people's time and derail threads. The objective of any thread should be to either share information or pose valid questions and seek answers. So onto the topic at hand, I am now convinced the answer to #6 is it is not gray but rather illegal, as such false statement would result in access to funds (for margin trading), which would render it technically similar to lying on a credit application. This is just my interpretation. I have not consulted with a US attorney. Once I get the answer to #5 I'll post it here for the benefit of other people on the websphere looking for this. Thanks to all those who contributed valuable insights and helped me order my thought process. Cheers.
That is not your interpretation, that illegality aspect on #6 others have brought to you. Self righteous? No, simply an attempt at doing the right thing. Try it, it really works. And if you were not interested in "puny forum fights" you would take the advise others give you, after all you were the one asking for advise, rather than bitching about others' righteousness.
Do you do not know how to neither read nor write? The only poster who said it was illegal is you. You do not qualify as "others". Others provided good succinct input and advice. You instead made false statements, insulted me gratuitously, provided no legal background for anything, and simply rambled out of self righteousness. You mentioned wire fraud, which is as unrelated and inapplicable as it can be. Then you went on about what you believe is right, which is as valuable as used toilet paper. Right vs wrong is subjective. Bullet #6 was specifically about legal vs illegal, not right vs wrong. Legal vs illegal is not subjective. Lying, or technically speaking providing false statement, is legal and in many cases the right thing to do, as for example when asked for private information that one is not obliged to provide. Lying is illegal only under certain circumstances. In general it is not illegal to lie on a brokerage application. You are wrong. Go waste time researching that so you may improve the level of your trolling. Dodd-Frank and those KYC rules exist because some other retards, politicians and SEC officials, came up with a bunch of rotten rules and regulations for things they don't truly understand. In business as well as in trading facts matter while beliefs do not. Once again, WHAT YOU BELIEVE IS RIGHT IS AS VALUABLE AS TOILET PAPER ALREADY COVERED IN SHIT. You go on doing what you believe is right, while I'll go on doing what is legal. So long and thanks for existing, having mentally challenged people around makes business easier. By the way, ADVICE is a noun, ADVISE is a verb.
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I think this says it all and probably gives everyone else a pretty good idea about your character qualities. Let's hope you don't get caught lying on your US visa application, because others (than you) don't take lying as just being a subjective expression.
House passes Dodd-Frank replacement bill
Legislation replacing much of the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by the House on Thursday, along party lines by a vote of 233-186. The Financial CHOICE Act makes substantial changes at the Securities and Exchange Commission and the Financial Stability Oversight Council, which would no longer be able to designate non-bank firms as systemically important and would have to repeal previous designations. (Pensions & Investments)
Legislation replacing much of the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by the House on Thursday, along party lines by a vote of 233-186. The Financial CHOICE Act makes substantial changes at the Securities and Exchange Commission and the Financial Stability Oversight Council, which would no longer be able to designate non-bank firms as systemically important and would have to repeal previous designations. (Pensions & Investments)