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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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How do I legally invest other people's money in a forex

Customer Question

How do I legally invest other people's money in a forex fund?For example, I can take my friend Jimmy's $2000, double it and make $4000 total. I can then give Jimmy back his original $2000 plus a 15% interest of $300 giving back total of $1300 for Jimmy and I keep the remaining $1700 profit in my pocket.How do I do this legally?Can I just form an LLC, have Jimmy "gift" me the $2000, do the investing and "gift" him back "$2300."
Submitted: 5 months ago.
Category: Finance
Expert:  Megan C replied 5 months ago.

Thank you for your question. My name is ***** ***** I will be happy to help you today :-)

Expert:  Megan C replied 5 months ago.

In order to do this, you have to be licensed. There's no other way around it, if you want to do it "legally" and "above the board" -- under the table you could do it as you described, but you may run into problems if Jimmy decides he didn't really want this to begin with, and you would have been trading someone's funds without a license to do so -- no bueno.

And you wouldn't "gift" an LLC -- a "gift" means something is not going to be repaid.

Please let me know if you need anything additional. If not, please rate positive.