When I opened my Robinhood account, I only needed my drivers license and SS card, aside from personal information and a bank account to fund it.
When I opened my online savings account, I just needed my drivers license. Im fairly certain that this kind of savings account could fund a Robinhood account.
I dont think it would be very difficult to open a Robinhood account in another person's name and fund with a savings/checking account that was also opened in the same person's name.
In Robinhood there is an option to turn on "Options" trading. From my understanding, there are big risk that can put the brokage account into the negative, but could also potentially result in large gains.
If someone stole like 10 idenTittys and did this, they could possibly make a large amount on at least one account and then just forget about the rest.
Does anyone here have any experience in options trading, specifically on Robinhood?
Interested. But because you'd have to fund it initially, the only thing you'd be doing is saving the money you'd have to pay in taxes. Or did I miss something?
With the same information you could be opening accounts and getting loans into them then withdrawing them. That seems a lot more fiscally smart than trading on someone else's dollar on behalf of them in order to save a little bit of money.
Originally posted by Bradley
Interested. But because you'd have to fund it initially, the only thing you'd be doing is saving the money you'd have to pay in taxes. Or did I miss something?
With the same information you could be opening accounts and getting loans into them then withdrawing them. That seems a lot more fiscally smart than trading on someone else's dollar on behalf of them in order to save a little bit of money.
You do some illegal things to generate the original funds. Maybe sell stolen/counterfeit items on Amazon or Ebay. Or open credit cards/loans and either balance transfer or transfer other ways.
From my understanding, the gains/losses via options trading large. So youre basically taking a big risk in another persons name. If you win, cash out. If you lose, ditch everything.
If a crime exists it is simply an expression of the free will of the market biting back against the shackles of regulation. Make something illegal you make it worth selling, making, stealing. Make stealing illegal you better make it VERY illegal like in saudi arabia they cut off your hands or phillapines they kill you for smoking a joint.
At least they have the balls to admit they are fighting nature, earth and God himself and they need every help they can get. Stopping fraud and theft isn't making society better you are simply punishing a specific economic sector that doesn't play by the rules.
