Q: I have a client that wants to ask for 100k financial, buy my product for 70k, and wants me to retunrn to him 30k.
Not legal right? Which are the laws I can show him that this is not compliance?
A: Depending on the intent with which it would be done, it could be ordinary common law fraud - which could involve numerous state statutes, depending on context, industry, and other factors. Good luck
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A:
This arrangement is not legal because it involves misrepresenting the nature of a transaction. When a client provides $100,000 but expects to receive $30,000 back after purchasing a $70,000 product, it may be considered a form of money laundering or fraudulent activity. Such actions can violate both state and federal laws.
In Florida, these types of transactions could be seen as violating statutes related to fraud, such as the Florida Deceptive and Unfair Trade Practices Act (FDUTPA). At the federal level, it could be a violation of the Bank Secrecy Act, Anti-Money Laundering regulations, and potentially tax laws if the transaction is intended to avoid taxes.
Engaging in such a scheme can expose both you and your client to significant legal penalties, including fines, forfeiture of assets, and even imprisonment. It’s important to clearly communicate these risks to your client and ensure that all transactions comply with the law. If there are any doubts, it would be wise to consult with a legal professional to navigate the situation properly.
Jennifer Newton agrees with this answer
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