Someone from overseas wants me to invest on their behalf. They don't have an account in the US. What is teh best way to approach this? Since it's a family friend I though I'll just comingle the funds with my accounts ... but might be a compliance risk. No? Thanks for any suggestions.
ask him to open a broker account in US, and authorize you to trade his account. Do not put his money in your account, because you will have tax liability.
Always +1 *** This could be a money laundering scheme (with or without the OP's knowledge) and/or there could be several issues assoicated with the transaction in this modern day anti-terrorist political environment.
he can open account with IB. there is no problem for foreigners to open brokerage accounts in US. Opening a brokerage account is not as difficult as a banking account, because there is concern for funding terrorists from a banking account, while brokerage account is investing in US which is welcome by the government.