Go ahead and feel free to define, say, the character of the Dalai Lama. After all, he's opposed to the current government of his native land... does this mean he's a liar and a cheat? I'd be perfectly happy to give you lots of other examples if you don't like that one.
What would you do ?
- Thread starter Nobert
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Go ahead and feel free to define, say, the character of the Dalai Lama. After all, he's opposed to the current government of his native land... does this mean he's a liar and a cheat? I'd be perfectly happy to give you lots of other examples if you don't like that one.
I cannot sleep at night, because I didn't "do it". All week long it has kept me up at night. I had a loss on Monday, but didn't do anything about it for the most part, through the week.
So I SHOULD have done it (done something about it.)
Your point number 3 is flawed.
Mate.
I've actually seen the above scenario pass in front of me, scores of times. Too many to count really. I know a guy who just got out of Ohio State Penitentiary after 6 years ... over something similar.
Everyone succumbs to normalcy bias, and says: "It won't happen to me".
Each day, across my desk, I see scores of such judgements, of people who said: "No one will notice" who I am instructed to never do business with by SRO's. I have known people, who did the above ... and when that "recovery" phase begins?
They get caught up in a nightmare that goes on for years.
First the SRO comes in. Then the Exchange gets in on the party. Then ... after all that ... comes the IRS.
If I've seen it once? I've seen it 90 times.
Someone's character? In this instance it should not be a morality play. If the OP truly feels that, then every time he sees some paper money on the sidewalk, like a random $5 or $10 bill, he should walk right past it with nary a temptation and feel right with God, who will accept him in heaven because he walked right over the devil's apple.
Or, he should have picked it up, and spent $10 in gas to find a bank to hand it in, saying, "Please put this in your lost and found department. I found it on the street, so it must belong to someone."
That person will go home $10 poorer from gas cost, the bank will make $10 by putting it right into their till, and God will be slapping himself on the forehead saying to himself, "This guy is a moron. He gets no pizza Fridays when he dies."
Or something like that.
What are you on about?
My point to Nobert was about how the technicalities of how the original money given to him was earned, are irrelevant. And again, this is not, and should not be, a morality play.
This should be understood in the more lizard brain context of, "What will my friend do to me if I lose all of his money? Will we still be friends, or will he go all Voorhees on me and want to bury a pickaxe into my forehead when I'm drifting along in a canoe on Crystal Lake?"
Listen, I care about morality.
But I wasn't speaking about morality.
I was speaking about what happens when things go wrong.
What should be the mindset of every single Trader. Risk.
And I'm telling you, my points that I made above, have nothing to do with morality.
They have to do with the Law. And what happens when things go wrong. And when the IRS, or an SRO is involved? I am telling you ... a "Recovery" process happens.
And it's beyond ugly.
As I said earlier, just not having your books in order can trigger an investigation. I just received a notification from an SRO the other day, of someone who had to settle (to a large sum ... which might go to Recovery) ... simply because when the Exchange started an investigation (do some searches as to the Audit Trails that Exchanges now have available to them) ... they asked for the books, and the books and records were not produced. The entity settled, and when they settled, part of the Agreement?
Was to never trade again in the United States.
Is that going to happen to everyone who does business this way?
No. Of course not.
But why risk it?
I should hope the process is developed enough to see MAE's that are well within toleration. As far as losing a friends money? That's another discussion altogether.
He mentioned his friend hasn't been paying Taxes on that money.
And in cases like that? The lizard part of your brain should be screaming ...
Tell me, if you found a $5 bill in the street, and took it home, would YOU report it to your country's government taxing authority?
Myself, I do. But that's a separate matter, as that's a matter of my personal faith (Mark 12:17).
But this has nothing to do with that. Not really sure why you'd even ask about that.
His friend did not pay tax.
When that catches up with him (and it can, and as I have already said, it I watch it happen all the time)
I'm telling you. When it does, a Recovery process begins. Part of the Recovery process, is a Forensic Audit of who had the money and when. And if they see a Trading Account, they are going to notify both the Exchange, and the SRO. And whoever touched that money.
I've watched the above happen.
https://klasing-associates.com/21-m...ended-defendant-ohio-income-tax-evasion-case/
https://legaldictionary.net/tax-evasion/
https://klasing-associates.com/mich...ty-tax-evasion-embezzling-nearly-2m-employer/
Maybe his friend did not have to pay tax? You know, there are situations where that actually happens?
Maybe his friend did not have to pay tax? You know, there are situations where that actually happens?
No, that was not what he said. Now you are changing the parameters of the scenario. And I quote:
That is the scenario. If it was a simple matter of not "having to" pay the tax, then there would be no dilemma. Again, there IS a dilemma, and thus his OP, which stated, and again ... I quote ...
That ... is Tax Evasion.