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I trade stocks and futures via an llc. I have friends that…

Customer Question
I trade stocks and futures...
I trade stocks and futures via an llc. I have friends that want to copy my trades which I'm ok with. How can I legally get a percentage from there earnings? For example if the 3 of us invest in crude oil and we all make 100 is it legal to have a contract where they pay me 25% of there profit
Submitted: 2 years ago.Category: Business Law
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5/30/2015
Business Lawyer: CalAttorney2, Attorney replied 2 years ago
CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10,244
Experience: I am a businesses law attorney, with experience advising and representing owners and investors.
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You would need to get a stockbroker's license to perform this kind of transaction, which would also require you to work with a brokerage firm.Short of that you can charge your friends a fee and hope you don't get caught - but you are running a risk of civil, administrative, and criminal prosecution (the SEC regulates this so this falls under federal enforcement).
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Customer reply replied 2 years ago
What about a trade copier service I see them everywhere for futures and forex do I need a license for that
Customer reply replied 2 years ago
profit-forexsignals.com
Business Lawyer: CalAttorney2, Attorney replied 2 years ago
You can engage in these services, but you are doing so at a risk. If you wish to engage in this type of service - I would highly recommend retaining counsel to advise you as to your risks first (the liability is very high).
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Business Lawyer: CalAttorney2, Attorney replied 2 years ago
You can find local attorneys using the State and local Bar Association directories, or private directories such as www.AVVO.com; www.FindLaw.com; or www.Martindale.com (I personally find www.AVVO.com to be the most user friendly).
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Customer reply replied 2 years ago
Is it illegal or just unethical
Business Lawyer: CalAttorney2, Attorney replied 2 years ago
Illegal - see: http://www.sec.gov/divisions/marketreg/bdguide.htm
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Category: Business Law
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