Posted by Peter on January 11, 2003 at 11:22:52:
Not to mention you could be labled an accomplice. If his money is ill gotten, your, technically, laundering it for him. Seen the new laws on washing money? Not just in the US, but internationally… Not a fun stretch 
Illegal Finances - Posted by Tony
Posted by Tony on January 11, 2003 at 03:05:02:
I held a real estate liscence for 3 years and spent the last 2 of these years working with a group of investors. I had to back out because some of the deals they were doing were very “shady”. I know enough about real estate investing, and how to find the “good deals”, but 1 problem stands in the way. I have a financial backer that is willing to invest $200,000 in my knowledge in real estate. He wants me to set up an account in which I have all access to purchase and sell real estate. The only problem is that he doesnt want anyone to know where he got the money from. My question is obvious. Is there a way to use his finances without the IRS asking questions on how I was able to come up with the funds to buy and sell these fixer-upers?
Re: Illegal Finances - Posted by GL(ON)
Posted by GL(ON) on January 11, 2003 at 07:40:21:
How well do you know the guy? If he is honest go ahead with the deal. If he is a crook stay away. No matter how good it looks now you will get burned.
If you don’t know if he is a crook or not you don’t know him well enough to go into business with him.
Hint: He will treat you the same way he treated others in the past.
Re: Illegal Finances - Posted by BrokerScott (Mich)
Posted by BrokerScott (Mich) on January 11, 2003 at 07:17:34:
Hi Tony, I’m a licences broker in Mich. Not sure what you mean by “shady” but if your training is anything like what I went through, rule #1 is don’t get sued and when (not if) you do get sued, be in a very defensible position. Now, in reality, I’m not a nervous nelly about doing creative deals but, as you know, there is a “higher standard of disclousure” for agents than for a lay person. Best advice is to go to a lawyer, and explain in detail what it is all about. Final word is: If he doesn’t want anyone to know where the money came from, do you really want to deal with this person, and risk a visit from his cousin Tony Sopprano? Just guessing, but holy smoke, think about it.