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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16546
Experience:  Experienced Licensed Attorney
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Is it legal in the US to invest in a HYIP program I know its

Customer Question

Is it legal in the US to invest in a HYIP program? I know it's risky and everyone says its a scam, but I'm fine with the risk and believe in the program that I want to invest in. I just want to make sure it's legal to invest in the USA and as long as I report my earnings to the IRS, I should be fine!!??? Primfix.com is the site.
Submitted: 5 years ago.
Category: Legal
Expert:  N Cal Atty replied 5 years ago.
My opinion is that this is a scam, see
http://www.ripoffreport.com/investment-brokers/primfix-com/primfix-com-scam-ponzi-scam-a-8cfbb.htm
which states
Complete and utter thieves and scammers of the worst kind.

I hope this information is helpful.
Customer: replied 5 years ago.
Relist: Other.
Didn't answer my question. I want to know if it's legal to invest in HYIP in the USA. I would be investing at my own risk though.
Expert:  Alex J. Esq. replied 5 years ago.
Hello. My name is XXXXX XXXXX I will be happy to answer your question.

Yes.

You can invest in anything that you like, as long as you are not doing anything illegal personally.

If you are satisfied with my answer, I would appreciate if you would click on the accept button.
Please keep in mind if you already made a deposit or on a monthly subscription plan you will not incur any additional charges, but I will only be compensated for my time and effort only if you click on ACCEPT.

Bonus and positive feedback are always greatly appreciated!



Customer: replied 5 years ago.

Thanks! What happens if the business turns out to be illegal...would I get in any kind of trouble? Do you know what form I would use to file income tax on the profits made from HYIP?

Expert:  replied 5 years ago.
As long as you are personally not engaging in any illegal activity, you would not generally get in trouble.

Your second question should be posted in our Tax category.


If you are satisfied with my answer, I would appreciate if you would click on the accept button.
Please keep in mind if you already made a deposit or on a monthly subscription plan you will not incur any additional charges, but I will only be compensated for my time and effort only if you click on ACCEPT.

Bonus and positive feedback are always greatly appreciated!
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16546
Experience: Experienced Licensed Attorney
Alex J. Esq. and 6 other Legal Specialists are ready to help you
Expert:  Alex J. Esq. replied 5 years ago.
Do you have any related follow up questions that I can answer for you or do you need me to further clarify my answer for you?