Chat Has anyone invested money for an MPA before?

[OG_funguy]

Guys, it's not money laundering...just trust me on this. But if there's any other "legal" considerations, would be happy to hear it.

 

[xtc27]

Guys, it's not money laundering...just trust me on this. But if there's any other "legal" considerations, would be happy to hear it.

...clearly its not laundering... but AML legislation = problem... they will flag it, both for $amount & her occupation...

... dont just walk into a bank... get somebody u trust, ask discreetly...

 

[bumzbumz]

...clearly its not laundering... but AML legislation = problem... they will flag it, both for $amount & her occupation...

... dont just walk into a bank... get somebody u trust, ask discreetly...

her occupation will have nothing to do with him walking into a bank and depositing money in his name.

 

[blackdog]

So one of my faves wants to give me a fairly large chunk of money (in cash nonetheless) to invest for her. I told her she just needs a SIN to open her own account but she thinks it's too much trouble and she doesn't have time to do it (personally I think part of the reason is she's scared to try online trading).

I told her about tax consequences and that I would be in a higher tax bracket than her but she doesn't care and said I can take whatever I need for taxes and even take a % as commission.

To make matters worse, she wants to invest some of the money in high flying "concept" stocks that some of her customers told her about. I explained that these are risky and that the valuations (e.g. P/E ratio, etc.) are through the roof but she doesn't care and said she understands they are risky.

Thoughts? Has anyone done this before and if yes, how did it work out?


View attachment 124114

Take the cash, tell her the stocks all crashed then spend it on massages!

 

[OG_funguy]

So I did end up buying some stocks for her after all. Based on good feedback from some of the posts, I did take steps to reduce any risks. However, the idea was she would tell me which stocks to buy and when to sell. Now, she wants me to make the call...WTF. I don't mind executing on her instructions but I don't want to be responsible for her money.

 

[luvnewpussy]

Well , You where fixed on helping her anyway not sure why you asked for input.

My 2cents was always, give advice , give options, but let her/them push the buttons, make the decisions and excute the action. No hands on keyboard. No doing for her.

Now you have cornered yourself . You have to tell her no you can't (problem, why not, I thought you where helping me) or do it for her and be responsible for the outcome.(why did I lose money ?, I thought you said this was a good buy )

And if they dont have any experience in stocks or trading, no matter what you explain, she wont be able to understand why she lost money.

 

[sexpuppy]

First of all, like others have said you are better off not to do it.

But if you do decide to do it, just buy some relatively lower risk dividend stocks so the volatility isn't as high.

 

[OG_funguy]

Well , You where fixed on helping her anyway not sure why you asked for input.

My 2cents was always, give advice , give options, but let her/them push the buttons, make the decisions and excute the action. No hands on keyboard. No doing for her.

Now you have cornered yourself . You have to tell her no you can't (problem, why not, I thought you where helping me) or do it for her and be responsible for the outcome.(why did I lose money ?, I thought you said this was a good buy )

And if they dont have any experience in stocks or trading, no matter what you explain, she wont be able to understand why she lost money.

Valid points but my original ask was mainly around whether anyone else has done it and what were the lessons learned. But regardless, the input from others did help me reduce risk and do it in a way that I was comfortable with...

But you're right, I just need to explain to her that she needs to make the decisions, not me. The one good thing is we are no longer talking huge amounts of money and she could afford to lose what she gave me (although it won't come to that anyways).

 

[OG_funguy]

First of all, like others have said you are better off not to do it.

But if you do decide to do it, just buy some relatively lower risk dividend stocks so the volatility isn't as high.

Thanks, that's exactly what I was planning to do. We got lucky in that the one "concept" stock made a quick 30%. I already sold it and will tell her that I plan to buy a CDN bank and just let it ride until she wants her money...

 

[cupcrazy]

whatever you do, don't buy airpline stocks or Cinplex right now. My friend bought some shares about a month ago thinking it hit rock bottom. Now he is fucked wwith the stock value keep on tanking thanks to the covid restrictions. You should tell your friend to start a spa or somehting lol

 

[dirtyoldman]

Take the cash, tell her the stocks all crashed then spend it on massages!

Smart idea.

 

[bigk23]

No legal issues I can see bro, I am sure she trusts you a lot so take care of her and make her a few bucks.

 

[Poonhound]

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 your so sure it’s legit and safe why are you asking advice from a bunch anonymous dudes on a review board and then rebutting every warning you get. Do it or don’t but don’t ask advice and then tell everyone they’re wrong when they give you they’re opinion.

 

[imthedude]

I didn't think this board could get stupider than all the bizarre pineposts from Ursus or altaguetta's conspiracy theories, but here we are, I guess.

 

[OG_funguy]

I didn't think this board could get stupider than all the bizarre pineposts from Ursus or altaguetta's conspiracy theories, but here we are, I guess.

Lol, so go post a review then...

 

[imthedude]

Lol, so go post a review then...

This thread's premise was funny, the defensiveness was, too, but the predictable result brings it down. I was hoping for more surprises on the way. Would still read again. 7.5/10.

 

[OG_funguy]

This thread's premise was funny, the defensiveness was, too, but the predictable result brings it down. I was hoping for more surprises on the way. Would still read again. 7.5/10.

Well, 7.5 ain't bad lol. The thing is I was asking if anyone done something similar and what was the outcome. I wasn't asking whether I should trust the MPA or not (because no one knows her anyways). So if I sounded defensive, it's only because I was trying to steer the input to things that would be useful to me. And to that end, there were many useful posts (which I acknowledged).

 

[Pervertino]

A buddy of mine wanted to invest but was too lazy to open account. He gave me 3gs and I invested for him . Lost all his money . Not my problem . No issues his pick his money I just sacrificed 3 gs in TFSA room .

 

[OG_funguy]

its alwa7s a risk with unkown people - ihave hbeen offere a few wtrhigs but turned out very shaky! not the way to do legit biz , watcxh for shaky unknowns my friend@!!!!
dont jump!!!

Are you starting to drink again ?