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179 votes

I am an EU resident being contacted about stock I own in a defunct company by a supposedly US based lawyer, is this a scam?

A bit of detective work. The website lists no names for the firm. Any business, doctor, lawyer, etc, is at least going to tell you who the main partners are. The site itself looks like a generic ...
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175 votes

Someone stated that my uncle died in Canada and there is money for me

If I had a legitimate reason to give to you $100,000 with a $500 fee, I would ask you if it is okay to take the $500 out of the $100,000, and if you agree, I'd pay you $99,500 without any cost for you....
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  • 20.8k
107 votes

How to prove that invoices are really unpaid?

You can't prove a negative. Therefore, you cannot prove that an invoice is unpaid; it is assumed to be unpaid on claiming so, and the payer has to prove that he paid. That should be easy for him, if ...
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  • 36.7k
88 votes

Is it legal if I'm managing my family's entire wealth?

I am not going to discuss legality, because with family members you are able to give a lot of guidance and assistance without running into legal issues. The biggest problem is that when they ...
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75 votes

Can a CEO short his own company?

That would be the ultimate in insider trading. They made a stock transaction knowing in advance what was going to happen to the share price. They could easily expect to face jail time, plus the CEO ...
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64 votes
Accepted

Selling a property - multiple offers of same value?

There are no rules about how to handle equal offers. A seller is free to accept any offer they want. They don't even have to accept the highest offer if they don't want to. Reasons why a seller might ...
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  • 29.9k
59 votes

Is it legal if I'm managing my family's entire wealth?

You are opening up a large can of worms with how you are doing this. In very positive years, you'll have taxes based on your income, potential Alternative Minimum Tax (AMT), etc. Each of the family ...
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52 votes

Can I create an LLC to put my assets into it in case I am personally sued

Even if the LLC was safe, that wouldn't help you. If you set up this LLC (and ignoring complications like taxes if the LLC owns your house, you have to pay rent to the LLC for living in it, the LLC ...
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45 votes

I am an EU resident being contacted about stock I own in a defunct company by a supposedly US based lawyer, is this a scam?

Purely FWIW, "Does this sound legitimate?" The company no longer trades on any stock market as it is in receivership. There is no administrative board to contact, and it doesn't even have a ...
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  • 13.5k
39 votes

Is it illegal for a student loan servicer to lower the minimum monthly payment after overpayments?

No, I don’t believe this is illegal. I think you’ve already highlighted the reasons this is done: As a service to the borrower, it allows them to lower their payment if they choose. If the borrower ...
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38 votes

I am an EU resident being contacted about stock I own in a defunct company by a supposedly US based lawyer, is this a scam?

Definitely a scam. Some warning signs in the email: Please find attached the documents pertaining to the investment that you made in XXX Investment currently known as XXIT (XXX XXX Investment Trust)...
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34 votes

Is this investment opportunity problematic?

It would have to be made as a "gift", and then the return would be a "gift" back to you, because you're not allowed to use a loan for a down payment. This is not to evade taxes. This is to evade a ...
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  • 20.8k
33 votes

What are the advantages to banks being located in the City of London (the Square Mile)?

Historically, one reason is that the needs of "modern" banking (that which emerged during the 18th century) more-or-less required that banks were close to each other, since much of their ...
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  • 9,038
32 votes

Is it legal if I'm managing my family's entire wealth?

I agree that this is a "bad idea" but I want to add in one more reason. Let's pretend your family and you are ok with all the tax ramifications and legal issues. This is still a horrid idea. You ...
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  • 3,611
27 votes

Does a direct deposit arrangement also enable direct withdrawals?

Usually, when you sign up for direct deposit you have to sign a form giving your consent. This contains a clause which allows the company to make withdrawals up to the paycheck amount, in order to ...
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  • 7,998
27 votes

What are the advantages to banks being located in the City of London (the Square Mile)?

The main advantage to the City of London is that all the big banks are there. So there’s a large pool of experienced employees, there are legal firms with vast experience in the banking industry, ...
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  • 22.2k
27 votes
Accepted

Can I open a 529 retroactively to pay my student loans?

529 Contributions are not tax advantaged at the federal level, just the earnings. If you put $1000 in your 529 account, then immediately use it to pay your loan, you don't get any benefit. If you put $...
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  • 4,293
26 votes
Accepted

Arguments on the "unconstitutionality" of income tax: What acts, etc. of Congress require payment of income tax?

No, it is not true. That is one of the many "conspiracy theorists'" claims to not pay taxes, and is considered as frivolous (i.e.: punishable by very harsh penalties and criminal prosecution). ...
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  • 127k
26 votes

Can I create an LLC to put my assets into it in case I am personally sued

You own the LLC, which could be seized since it's your property (I'm not a lawyer) If you were personally sued then the court would look at your assets - one of which is an LLC with all your money in ...
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  • 3,861
25 votes
Accepted

Why is the price of hydrogen (H2) in Germany fixed at 9.50 EUR per kg?

Currently only one company builds, maintains and operates these H2 Stations. Its the H2 MOBILITY Deutschland GmbH & Co. KG which in turn are six companies (Air Liquide, Daimler, Linde, OMV, Shell ...
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  • 939
23 votes

Do I need my own attorney during mortgage refinancing?

I've never used an attorney for a mortgage refinance before, and never wished I had either. There really isn't much more to a refinance of a mortgage than any other type of refinance (e.g. car, ...
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  • 45.2k
22 votes
Accepted

After hitting 80% LTV, my mortgage lender refuses to remove PMI. Any recourse?

Here's some good information: http://www.nolo.com/legal-encyclopedia/private-mortgage-insurance-pmi-30108.html The Act says that you can ask that your PMI be canceled when you've paid down your ...
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  • 2,043
19 votes
Accepted

What US law requires a bank to reopen a closed account if a third party sends money to it?

There is no Federal law that mandates that they must re-open a closed account. They can either refuse the transfer / return the money, or they can optionally re-open your account so they get money (...
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  • 4,073
19 votes

Scammer wants details and credentials for my empty & unused bank account. What could go wrong?

It's a scam. Here are the many signs: The bank will never ask for your password. They can access your account without it. The bank will never use a customer's account for their own business. They ...
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18 votes

I am an EU resident being contacted about stock I own in a defunct company by a supposedly US based lawyer, is this a scam?

In case I provide my bank account number (IBAN number in the EU), how will they be able to abuse this? There are multiple ways. In this case, it could be that once you give the details, they will ...
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  • 56.5k
17 votes

I am under 18 years old, in the US, my parents have terrible credit, how can I take out a loan?

Depending on the state this might not be possible. Loans are considered contracts, and various states regulate how minors may enter into them. For example, in the state of Oregon, a minor may NOT ...
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17 votes
Accepted

Is there a rule that a merchant must identify themself when making a charge

Here's an excerpt from VISA's Card Acceptance Guidelines for Visa Merchants (PDF) Merchant Name The merchant name is the single most important factor in cardholder recognition of ...
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  • 369
17 votes
Accepted

What is the rationale behind an FSA being "Use it or Lose it"?

The FSA, in contrast to the HSA, is not an "account" that you put money in. FSA stands for "Flexible Spending Arrangement," not "Account." Technically, it is a defined-benefit plan. Here is the ...
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16 votes

Someone stated that my uncle died in Canada and there is money for me

If it were a legitimate case of them recovering money for you for a percentage, then they would be working it in a different direction. Asking for a "fee" puts this very much in suspicious scam ...
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16 votes

Someone stated that my uncle died in Canada and there is money for me

In a genuine probate case the executor of the estate will not ask beneficiaries for money. The executor has a duty to identify the beneficiaries of the will and notify them, usually before the will is ...
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  • 9,306

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