Chat Has anyone invested money for an MPA before?

[Jethro Tull]

I did this before although it was for an exotic dancer. Wasn't huge money but she did okay on her investment. If I remember correctly she made about 20% over 6 months.

I was happy when it was over because I didn't want her to lose her money. I was touched by her having trusted me and didn't want to let her down. Short of a "sure thing" I don't think I would do it again.

 

[OG_funguy]

I did this before although it was for an exotic dancer. Wasn't huge money but she did okay on her investment. If I remember correctly she made about 20% over 6 months.

I was happy when it was over because I didn't want her to lose her money. I was touched by her having trusted me and didn't want to let her down. Short of a "sure thing" I don't think I would do it again.

Cool, so no nasty surprises from Uncle Sam or anything? You simply withdrew the money, paid the capital gains and that was that?

 

[upkeeper]

Just to be clear, this isn't just some MPA I know at the spa but a fave that I've known for years and have seen many times outside of the spa too. I'm 99% sure there's no ill intent on her side, other than she wants to own some stocks. She already has an accountant and pays taxes so there's no need for her to "hide" money from the government or anything like that.

That makes no sense. If she is claiming income and doing her taxes, she must have a SIN number. Don’t do it man! Nothing good Can come out of this IMO.
Friendship/family + money/business = nothing good. Trust me.
Keep having fun and that’s it.

 

[spincity]

I think less headaches if you just get on a computer with her and go thru the process , but in her name.

 

[Roy69]

Lots of good points so far but was hoping to hear from someone that might have actually done this before...

Maybe I'll suggest to her to start with a smaller amount and see how that goes first...

I helped one of my old regulars buy a condo last year... She was on title and everything, just helped her with my contacts in the real estate field(Agent, Broker..) Coordinated whenever I could and got a commission.
No physical handling of money.

 

[Whitesnake1987]

To OP, how do you know this isn't black money as they say in Chinese? You know what I'm talking about Baby.

Sent from my T08 using Tapatalk

 

[cjhobby]

Just to be clear, this isn't just some MPA I know at the spa but a fave that I've known for years and have seen many times outside of the spa too. I'm 99% sure there's no ill intent on her side, other than she wants to own some stocks. She already has an accountant and pays taxes so there's no need for her to "hide" money from the government or anything like that.

If she pays taxes she already had a SIN number and a bank account. Sound fishy. These girls are all about taking money not giving. Unless you are actually a stockbroker in which case it makes sense she asks you. But then you have rules to follow so cannot take cash. Either way, what's in it for you? If the stock goes down she’ll sue you. Not worth it.

 

[cjhobby]

I see her outside the spa many times...it's not your normal MPA/Customer relationship.

Except you said she doesn’t even know your real name. So not that much trust. Fuck her, pay her, go home

 

[cupcrazy]

Just to be clear, this isn't just some MPA I know at the spa but a fave that I've known for years and have seen many times outside of the spa too. I'm 99% sure there's no ill intent on her side, other than she wants to own some stocks. She already has an accountant and pays taxes so there's no need for her to "hide" money from the government or anything like that.

she can technically ask an investment agent to invest the money for her. I guess her concern is the CRA raise a red flag for the amount of the money she is able to invest in the stock market.

 

[Whitesnake1987]

The only reason anyone wants someone else to invest their money, is to hide their involvement and leave not paper trail.

Sent from my T08 using Tapatalk

 

[OG_funguy]

Just thought of something else...she better hope I don't get hit by a truck or else all her money will go to my beneficiary (which ain't her)...

 

[superboat]

Just to be clear, this isn't just some MPA I know at the spa but a fave that I've known for years and have seen many times outside of the spa too. I'm 99% sure there's no ill intent on her side, other than she wants to own some stocks. She already has an accountant and pays taxes so there's no need for her to "hide" money from the government or anything like that.

when you open any brokerage account, you have to choose whether you will be investing on behalf of anyone and if so provide all the details.

Will this Account be used on behalf of a third party other than the named Account holder(s)?

i doubt you chose that option with the MPs detail when you opened your brokerage account

 

[OG_funguy]

when you open any brokerage account, you have to choose whether you will be investing on behalf of anyone and if so provide all the details.

i doubt you chose that option with the MPs detail when you opened your brokerage account

Thanks, didn't know that...

 

[farmerstan]

Thanks, didn't know that...

If she's giving you substantial amounts of cash, like $10 - $20K or more, your bank will flag you for suspicious transactions under AMLTF when you deposit it, since it is probably outside your normal banking practice and cash flow. If you regularly deposit that kind of cash, what business are you in? They may ask you an "innocuous" question like "Oh, did you sell your car / boat / etc?" and you are then forced to either lie or dissemble. By law, they must report you if they have any suspicion (no proof needed) about the transaction. Also, by law they cannot inform you that you have been reported to FINTRAC. If you back out and say, oh, don't bother with the deposit, they still must report it as an attempted transaction. If she has an accountant and pays taxes, then she can and should do it herself. I would not put yourself at risk by handling the cash for her. Advise her on stock selection and leave it at that.

 

[Hangdai]

If she's giving you substantial amounts of cash, like $10 - $20K or more, your bank will flag you for suspicious transactions under AMLTF when you deposit it, since it is probably outside your normal banking practice and cash flow. If you regularly deposit that kind of cash, what business are you in? They may ask you an "innocuous" question like "Oh, did you sell your car / boat / etc?" and you are then forced to either lie or dissemble. By law, they must report you if they have any suspicion (no proof needed) about the transaction. Also, by law they cannot inform you that you have been reported to FINTRAC. If you back out and say, oh, don't bother with the deposit, they still must report it as an attempted transaction. If she has an accountant and pays taxes, then she can and should do it herself. I would not put yourself at risk by handling the cash for her. Advise her on stock selection and leave it at that.

Sounds like a great opportunity to invest "outside" the market in this case.

 

[xtc27]

You guys are giving stock suggestions during your sessions?

I wouldn't do it. But if you do, make sure you establish a time frame on what to expect.

Xaviera Hollander: “ When the stocks go up, the cocks go up!”

PictureQuotes.com

When the stocks go up, the cocks go up! #PictureQuotes

www.picturequotes.com

 

[Justin's_Beaver]

I should add that I do know her very well and truly believe she just wants the excitement of owning some stocks. But let's say I'm wrong about her...as far as I can tell, there's nothing I'm doing that's illegal, right? It could be anyone that just gifted me some money...I would still pay taxes and anything like that.

Stocks. And not even mutual funds.

What happens if you lose the funds?

What is she's active here on the forums.

 

[OG_funguy]

If she's giving you substantial amounts of cash, like $10 - $20K or more, your bank will flag you for suspicious transactions under AMLTF when you deposit it, since it is probably outside your normal banking practice and cash flow. If you regularly deposit that kind of cash, what business are you in? They may ask you an "innocuous" question like "Oh, did you sell your car / boat / etc?" and you are then forced to either lie or dissemble. By law, they must report you if they have any suspicion (no proof needed) about the transaction. Also, by law they cannot inform you that you have been reported to FINTRAC. If you back out and say, oh, don't bother with the deposit, they still must report it as an attempted transaction. If she has an accountant and pays taxes, then she can and should do it herself. I would not put yourself at risk by handling the cash for her. Advise her on stock selection and leave it at that.

Thanks for the heads up...this is useful.

 

[bumzbumz]

If she's giving you substantial amounts of cash, like $10 - $20K or more, your bank will flag you for suspicious transactions under AMLTF when you deposit it, since it is probably outside your normal banking practice and cash flow. If you regularly deposit that kind of cash, what business are you in? They may ask you an "innocuous" question like "Oh, did you sell your car / boat / etc?" and you are then forced to either lie or dissemble. By law, they must report you if they have any suspicion (no proof needed) about the transaction. Also, by law they cannot inform you that you have been reported to FINTRAC. If you back out and say, oh, don't bother with the deposit, they still must report it as an attempted transaction. If she has an accountant and pays taxes, then she can and should do it herself. I would not put yourself at risk by handling the cash for her. Advise her on stock selection and leave it at that.

Very true but that's if he doesn't have a good relationship with the bank. if he does they will let him it won't flag anything un;less he does it like 3 more times lol.

(believe me I know how AML works in some banks)

this whole thing does seem like money laundering and if it happens once it she will for sure give another bag of money and ask for the sae favour later.

 

[xtc27]

Thanks for the heads up...this is useful.

...& she could have challenges investing on her own...

... Proceeds f/ MPs = flagged as potential $$$ laundering.... even for mpas... may b could say legit msg, dunno... but as farm said, suspicion = enuf... dont need evidence...