Share

Can you wash dirty money in stocks and bonds?

I was learning about stocks and bonds today and was hearing of course you could put all your money in stocks and bonds investments what not but was wondering is it easy to wash illegal drug money or dirty money in these systems im very well sure cause you could just say it was investment right .

Asked By: thebomb - 5/30/2009
Best Answer - Chosen by Asker
Well to answer your question I'm going to assume this is based on a purely 'hypothetical' situation. And my personal belief is that legal money is the best money. You never have to look over your shoulders. lol

That being said my answer would be 'Yes' it is pretty easy to wash money through it. Your talking about billions of stock traded daily. That's alot of transactions to monitor. The key would be to keep things simple. The ONLY thing I would agree with the other poster is that it needs to be under $10,000. And I mean ALOT under it. Like $500 here,$500 there, $1000 here... etc. You would just have to be patient.

If you get caught it would not be because of the SEC it would probably be at the local level like your bank. But like I said if you kept it small they wouldn't know where the money was coming from so it wouldn't raise any red flags. And let's be honest the people monitoring you have extra cash coming in too from waiter, exotic dancer, part-time surveyor or mechanic, etc.. So unless it's an unreasonable amount of money you wouldn't have to worry.

If I were you in this 'hypothetical' case I would have two accounts. And split the deposits between both. Like with Scottrade you can actually walk into one of their offices with a cashier's check or money order and use the other for direct deposits from your bank to the broker. The only problem is that you have to report this income to the IRS. So you have to pay taxes. Which is all that the government cares about. Let's be serious here if there was a way to tax illegal drugs then selling drugs would be legal today. lol You would be able to walk into a grocery store and buy some. Might even get a coupon for a discount. lol The only thing the government cares about is can they tax your income.

Another way to do this would be a Casino. I know alot of people who take their 'extra' money to Casinos. Buy in, play for alittle while then cash out chips. But again the only way to launder/make clean the money would be to report it as gambling winnings and pay taxes on it.

So my top 3 are:
1. Stocks
2. Casinos
3. Cash Purchases like flat screens or pay bills in cash

Obviously the other poster has never traded stock. Because you can in fact deposit money orders and cashier's checks into your account and most online brokers like Scottrade and Sharebuiders you can deposit directly from your bank account. So it's Simple put 'cash' into your bank account then use Electronic Funds Transfer to move it to your online brokerage account

Edit: You mentioned Scottrade "clearly Scottrade has questionable compliance standards" which is absurd. I guess that's why JD Power and Associates had them ranked #1 for eight out of nine years. You also mentioned that Fidelity and Schwab wouldn't except cashier's checks like Scottrade. Well I left their links on here too. So either the government is not doing their job or you don't know what the hell your talking about. So if you want to use your questionable funds to retire just set up an IRA on Schwab, you will even get a write-off on your questionable funds or open a brokerage acct. on Fidelity.

I'm also curious why you keep bringing up the Pat. Act. That is more for the CFTC which governs Foreign currencies, Foreign government securities, Foreign stock indices, Commodites and Futures trading. We're talking about common stock like Microsoft which is govern by the SEC. Look at the link that 'you' gave and you will see all the pat. acts are about foreign banks and accounts or internationally this and that. Hell the first paragraph at the top reads "prevent, detect, and prosecute international money laundering and the financing of terrorism". Do you notice the words 'international' and 'terrorism'. The pat act is protecting us from actual foreign terriost not Billy from texas winning $1000 as some home Poker tournament and now he wants to invest it in stock.
Answered By: Maverick - 5/30/2009
Additional Answers ()
No, its very difficult. Adding to the fact that the act itself is illegal and is called money laundering it has very serious consequences. The reason why its difficult is due to the Patriot Act. All banks have anti-money laundering policies that work in conjunction with the Patriot Act. Simple ways banks protect against this problem, you can only deposit personal checks into a brokerage account, you cannot deposit cash, you cannot deposit money orders, you cannot deposit cashier's checks. Deposits greater than $10,000 are put on hold for up to 2 weeks while they are verified and cannot be transfered out into another bank account during that time. All banks are required to verify the identity of the account holder using government issued identification. For more information on these requirements you can check out this link:
http://www.cftc.gov/industryoversight/antimoneylaundering/index.htm#P58_16162

Edit: Actually I have traded stocks as a matter of fact I am FINRA/NASD Series 7 and 66 licensed and have been for the past 10 years. If Scottrade allows people to deposit cash they are doing so with a program that is not completely compliant with the Patriot Act and they are probably the only one. It all comes down to how good their compliance officers are, and clearly Scottrade has questionable compliance standards The greater majority of firms like Fidelity and Schwab don't accept anything that isn't a bank check (meaning no cash, money orders, or cashier's checks), Etrade doesn't accept cash or money order, and the major brokerage firms don't accept those forms of deposit. All firms accept ACH and wire transfers but they require additional information and approvals to set up.
Answered By: financegal27 - 5/30/2009
Sponsored results
Found: Hiring Positions Near You. $10.50 - $83.75/hr. Apply Online.
HiringJobs.WorkGrabber.net
Search for Local Jobs. Find Answers on Ask.com.
Ask.com/Local Jobs
$14-$85/Hour: Part/Full Time - 100's of Jobs - Apply Now (Hiring)
Hiring-Jobs.net
Jobs hiring now near your local area. Find a job and apply now.
www.HiringLocally.com

Other Career Questions

I consider investing a job because lots of work goes into it, and everyday you learn something new that you didnt know. and also gain experience. Do you invest as a full time job or do you work somewhere?
4 answers - Asked By: James - 6/15/2010
What are the job where you invest company money or people money I known there investment banker and divident investor but what else is there.
3 answers - Asked By: KDJ - 2/7/2012
I just wanted to know is there a website or a number i can call to allocate all my invested money from past jobs that I may not be able to find? So i can combine them all in one account.
3 answers - Asked By: Tony Snow - 6/16/2012

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Questions

So today I went in for an interview and I was going in for the 2nd interview by the head chief executive. now this is where it got weird, so she asked me about my previous jobs and said how much she liked that product over that product. then she started talking about her daughter? an her divorce ...then how she didn't finish college because she was making more money doing what she did for this company ... then she talked about how her teenage daughter is a handful... I just played it cool thinking she was using some sort of psychology thing to trick me into saying something stupid. the interview ended and she seemed happy an I was escorted to the door... now I'm freaking confused? is this normal behavior for an executive? like it felt like she was going to burst into tears at one point and tell me her life problems... is this normal? was she trying to see how I react or something?
6 answers - Asked By: Clone - 11/7/2012
Wen you apply at a job and they ask how mch you want as a salary what do you say?
2 answers - Asked By: Colette - 11/24/2011
Basically- no degree, although I have tried completing one in the past and stopped because of physical and mental health issues which were overwhelming to deal with along with going to classes full time. I'm not stupid and I am quite articulate. I am 23 and have only worked for about two years retail in high school and stopped working to go to university. I worked a few months in 2010 retail after I dropped out but it was only a seasonal position, and the only reason why I have not been able to constantly work is because of mental health issues. I had also tried going back to community college during my free time since i left university in 2008/9 and I had panic attacks while in community college, which made my anxiety worse from then on. Well recently I met a good doctor and he prescribed me some meds that are stabilizing my moods and I feel the best I've felt in years, and I'm ready to work. Thing is, I don't know how to get a job now since I've spent literally years being depressed and anxious doing nothing. I don't really have anything to put on my resume, and I never finished my AA degree either. All I've done is cashiering and although I do the job well and I get promoted easily when I do these jobs because I'm a hard worker and I try to go above and beyond what they ask of me,which is the attitude I have no matter what kind of work I'm doing as long as I'm getting paid. But I hate cashiering because it's too easy and I want a job that is more interesting. Any suggestions for me on how to get a job that is NOT Retail with the type of background I have right now? I also realize I have to go to college to get certain types of jobs, I am talking about what I can do right here right now.
1 answer - Asked By: Alex Prieto - 10/14/2012
Recently I have overlooked for a project at work and I am unable to accept it why? I am hard working, dedicated, maintain a very professional decorum, very cordial with my colleagues and bosses, give respect to one and all. Still people who take the p***, argue with managers, gossip mongers have been selected for some very responsible positions at work. I seriously can't get my head around it why, why unprofessional people who have no work ethics being selected over me, whereas I have a track record of excellent performance and never shy away from any work my manager ask me to do? I am at my lowest point and not getting hold of my manager to ask the question why not me, why them who can't even bother? I am feeling like a complete loser, giving years to this place, building my performance, trust and this is how I get rewarded. Why my life is so shit, anything I wish for turns to dust?
1 answer - Asked By: network7 - 11/6/2012
As stated in my question I've applied for multiple jobs and gotten no job interview, you name a place I've applied there. I've said i will work ridiculous hours from like 12am to 5am and nothing. I've said I am willing to work weekends public holidays everything and I have gotten nothing back I am so desperate for money it's not funny.
9 answers - Asked By: Jamie - 1/9/2012
So I have a nice white button up shirt, business skirt and pants, and a suit jacket. I'm applying for a software development job and I'm very short and can look young so I'm trying to look adult, yet professional. I'm also attractive so I'm trying not to look too sexy. For the career fair I'm thinking of wearing just my nice shirt and a skirt with low heels. My reasoning being it's approachable and attractive without going overboard since the career fair hosts are mostly younger male recent grads. I want to be remembered but not intimidating. For my interviews I was thinking pants, suit jacket (power suit). My reasoning being it'll be older execs and HR people (mostly women) so less sexy with the pants but more powerful with the suit jacket. What do you think?!
2 answers - Asked By: Beast - 9/23/2012
I am currently a 1st year irregular college student taking I.T. I transferred schools and my majors never got credited. But it's okay because i am slowly getting the logics in programming in Java. This next semester i am taking a System Analysis and Design(SADSIGN) and i am getting nervous because even though i am pretty good at logics, i am not that good at coding. But since it is a case study, we will be on group, we will be four i think. Project manager, Analyst, Documentation, and the programmer. I am asking what jobs i can get after graduating I.T. because what if i graduated I.T. and still not that good at coding, i am hoping that there will be a jobs that will require less programming. Like Database manager or in Multimedia or in charge of Network. So is there jobs that doesn't require hardcore programming skills?
2 answers - Asked By: Jay p*e - 5/6/2013
Account Executive Hospitality Manager Sales Representative Editorial Assistant Advertising Manager Hotel Manager Personnel Specialist Writer/Author Association Administrator Presenter Special Events Coordinator Political Aide Promotions Manager Speech Writer Consumer Affairs Specialist Sportscaster Public Information Officer Communications Director Public Relations Specialist Radio/TV Announcer Technical Writer Telemarketing Specialist Customer Service Rep. Fund Raiser Training & Development Specialist Events Planner Flight Attendant Youth Worker Media Manager Recruiter Market Research Analyst Community Action Director Recreation/Attractions Manager Restaurant Manager Campaign Manager Development Director Script Writer Photojournalist Advertising Copywriter Museum Director Greeting Card Writer Production Assistant Actor, Mime Narrator Stage Manager Director Impersonator Make-up Artist Stunt Coordinator Booking Agent Talent Scout Drama Coach Stand-in Playwright Stage Manager Movie Theater Manager
2 answers - Asked By: Jolynn - 4/28/2013
Can someone tell me te difference between computer science and a computer engineering major. Is it the same?
2 answers - Asked By: Rosalva - 5/6/2013
I'm really having a hard time finding a job. I'm not sure why employers aren't contacting me :( I have about 4 years in expereince ( about 1 year of management) Well, here it is Jon smith Erlanger KY, USA Cell: +1-859-111-1111 E-mail:abc.def@outlook.com OBJECTIVE Obtain a position as a project manager/coordinator allowing me to utilize my administrative, organizational and problem-solving skills with a growing organization to mutually enhance growth of professional development and success. WORK EXPERIENCE ATS Jun 2012 – Apr 2013 Project Manager I: Managed projects development and staff in different divisions to achieve projects goals through practices of planning, executing and analyzing project-related tasks. Duties, responsibilities and contributions to assigned projects include the following: • Prepare and create project scopes, SWOT analysis reports and statements of work as assigned. • Visit anticipated project sites and create assessments for necessary work. • Analyze given scopes to assist engineers into reaching projects’ objectives. • Examine and manage available resources relating to materials and manpower. • Coordinate staff and arrange regular meetings. • Inspect daily operations and quality of products used on premise. • Implement solutions to resolve complex jobs relating to the project. • Manage and ensure that operations are executed in accordance to project scope and SOW. • Review and submit documents for projects deliverables/submittals and create schedules for subcontractors. • Document all events occurred during project life cycle and submit reports to senior management. Assigned Projects: 1- Conference Rooms IT/Multimedia Project Duration: Jun 2012 – Dec 2012 2- Military Base Renovation Project Duration: Aug 2012 – Aug 2013 AT&T / U-verse Division Oct 2011 – Feb 2012 Command Center Agent II: Applied knowledge to solve common and complex related issues to consumer’s services and devices. The position allowed for individual work at minimum supervision and within teams when necessary. Duties of the position included: •Provide phone/virtual support to internal and external customers. •Audit reports submitted by technicians and follow up with customers. •Implement and updated solutions within workflow system (WFE system). •Interact with IT department personnel to resolve common issues. •Provide assistance to first level support agents. •Maintain database and accounts for customers. Cleve’s Connections May 2009 – Nov 2010 IT Specialist: Provided hands-on and virtual administration for all IT related topics and managed sales for all devices and services. This included consulting, providing solutions, and improving efficiency for small businesses in design and security areas. Tasks performed while working included: • Resolve & close all open cases submitted by staff or customers. • Setup and manage user accounts through Active Directory. • Monitor network activities and logs and report system bugs, downtimes or crashes. • On-site maintenance and installation of network equipment and computer hardware/software. • Perform system setup operations and data backups as requested. • Create case analysis and audit reports given by technicians. • On-call support 24/7. EDUCATION • Devry University, Cincinnati OH Bachelor in Management Graduation: 2012 • Cincinnati State, Cincinnati OH Associate in Network Administration Graduation: Transfer 2010 To Andy: What does my Devry have to do with anything? for profit school? I'm not sure what college you graduated from, but in the real world experience weights more than a piece of paper stating you've completed few written assignments and imaginary projects. SMH!
3 answers - Asked By: Zaid I - 5/8/2013
The question explains it, i am thinking of going to an engineering high school but of course it will focus on other stuff too but still. What kind of jobs can you get because i dont want to be a mechanic(no offence to any) but please help me!
2 answers - Asked By: hungergameslover - 5/13/2013
L want to study medicine and work as a doctor but l am limited due to luck of required monyes. however l swtched on to anther career but still within my career interests as a care giver, but this is somthing to do with sales and marketing in the pharmcitical industry.
2 answers - Asked By: tonnydanabwembya - 12/24/2005
Is there any difference between a "nurse practitioner" and an "advanced registered nurse practitioner"?
1 answer - Asked By: lucysmom - 3/27/2006
1 answer - Asked By: Big D - 5/3/2013
3 answers - Asked By: hubbard_billy - 2/24/2006
And a BA in criminology?
2 answers - Asked By: Taylor - 5/9/2013
I am applying for a job of supply and logistics manager so I need to know more about the this job
1 answer - Asked By: waelasfour - 6/19/2006
I know that Escrow is within Title industry in Texas. What would be the best way to get my foot in the door. I am assuming I will have to start as an Escrow assistant and work my way up, but I would really like to find out more about this career path. How does an officer usually get licensed? Are there classes we need to take and exam to take? Any response is appreciated.
2 answers - Asked By: schang25 - 2/10/2006
My second interview is on Monday and I want to be prepared. It's for an assistant controller position. I've already met with the controller and the hr manager. Monday I will be meeting with the president of the company. How could I prepare myself for Monday's interview? Thanks! Any comments would be great!
3 answers - Asked By: Virginia - 6/6/2009
What kind of jobs can they look for if they receive "B Grade" in C++ & Java? Also, if no jobs for them are available in the Computer field, can they look for jobs elsewhere? If so, what types of jobs? Lastly, can they become Math Teachers at a High School or teach basic Math or Programming courses in College?
2 answers - Asked By: Blah... - 4/29/2013
Search SEARCH

Popular Job Searches

Explore Jobs and Career Opportunities

Popular Program Searches

Further Your Career With A Degree

Popular Articles

Browse Articles Related To Careers
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook Article Rating
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by MajorArticle Rating
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure JobsArticle Rating
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.
2013 Finance Jobs OutlookArticle Rating
Three things predict whether your finance job search will fly or flop in 2013: your skills, your industry knowledge and (surprise!) the federal budget.

Monster Communities

Teaching Community
Where teachers meet and learn.
ArtBistro
Create and connect.
Excelle
Networking for the career-minded woman.
Nursing Link
Where nurses call the shots.
More Monster Communities

Monster Partners

Scholarships
Scholarships, financial aid and more ways to pay for school.
Education.org
Find top campus and online degree programs.
Military.com
Military portal for the US Army, Navy, Air Force, Marine Corps and Coast Guard.
Financial Aid
Scholarships & financial aid.
Staffing for Government Jobs
Staffing and hiring solutions for federal government agency jobs.
More Monster Partners

Job Hunt Strategy

Six Ways to Make a Recruiter Hate You
If you want to blow your chances with recruiters -- and, by extension, with the companies they work for -- here are six perfect ways to do so.

Resumes & Cover Letters

Rev Up Your Resume to Relocate
Hoping to relocate? Get the ball rolling on landing the right job in the right location with these expert resume and cover letter tips.

Interviewing

100 Potential Interview Questions
Interview questions can run the gamut. You probably won't face all 100 of these, but you should still be prepared to answer at least some of them.

Salary & Benefits

10 Questions to Ask When Negotiating Salary
Most of us aren't natural negotiators, but asking these 10 questions during salary negotiations can help you get everything you deserve.

Employee Sourcing

Alt text
November Monster Employment Index Grows 13% Year-Over-Year, Tenth Consecutive Month of Positive Annual Growth.

For Seekers

Campus and Online Degrees
Advance your career and earn more with an online degree.
Free Salary Wizard
What are you worth? Find out and negotiate a better salary.
Research Careers
Get information on jobs and career paths to help guide your choices
Questions & Answers
Find answers to all your career related questions -- powered by Yahoo! Answers
Resume Distribution Service
Our distribution service puts your resume right in the hands of recruiters.
Resume Writing Services
Our experts will craft a keyword-rich resume that stands out in the crowd.
More Career Resources

For Employers

Career Ad Network
Target your job posting to more candidates on thousands of websites.
Hire Right Background Checks
Explore our background check packages to improve the quality of your hires.
Hiring Home Page
Find the best candidates for your business with Monster hiring solutions.
Job Postings
Find the right solution for your hiring needs. Starting at $99.
Power Resume Search
Monster's new search technology precisely matches people with your jobs.
Resource Center
Find staffing insights, labor trends, HR best practices and more.
Target Post
Connect with skilled, hourly and administrative candidates for only $99.

Social Media

Jobs on Twitter
Find jobs in your area and industry.
Monster Careers
Tune into our career advice and discussions tackling a wide range of topics and industries.
Monster Corporate & PR
Stay up-to-date on the latest news. Get the 'Who', 'What', 'When', and 'Why' on all things Monster related.
Monster Customer Service
Got a Monster question? We've got the answer. Whether you're a job seeker or employer, we can help you find the answers you need.
Monster for Employers
Find advice on hiring.
Follow Us
Check out our many pages and stay connected with the latest industry news, events, career advice and job openings.

Other Links

Advice Forums
Tap into Monster's online career forums and share advice with experts.
Monster Company Profiles
Explore companies and get information to guide your career decisions.
Compare Salaries
See how your pay stacks up to others in your field.
iPhone Application
Download the Monster app for iPhone and iPod touch.
Monster Job Seeker Blog
Monster Job Seeker Blog.
Monster Thinking Blog
Monster's Recruitment Trends Blog.
Jobs & Career Resources
Search Jobs:
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Centre | Help | Security | Contact Us | Sitemap | Mobile
©2013 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2013.1.0.14-321
eTrustLogo