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23

The reason that you are being asked to comply with a US law is because PayPal, a US company, is required to comply with US laws. If you do not comply, it is likely that they will be non-compliant and subject to sanctions. For more background, FATCA reporting is used to identify businesses that a company does business with. In this scenario PayPal does ...


19

Let's start with the most important point first: A campaign finance violation is not a ground to remove an elected official from office, no matter how egregious, on its own, even if one could prove that the campaign finance violation probably caused the outcome of an election to change. Congress could decide, however, that a campaign finance violation ...


14

Defaulting on student loans is—along with back taxes and child support—one of the three cases where a court order is not required for wage garnishment. This article spells out remedies against such defaults. For example, they can intercept your tax refund, Social Security payments, or your wage. They can take up to 15%, but not more than 30 times the ...


12

If, at the time of application for the loan, the borrower has no intention of repaying, it appears that it is a crime. From California Penal Code section 532: (a) Every person who knowingly and designedly, by any false or fraudulent representation or pretense, defrauds any other person of money, labor, or property, whether real or personal, or who causes ...


11

There is no statutory definition of insider trading, and the question of who is included is answered by the SEC. It includes "Government employees who traded based on confidential information they learned because of their employment with the government". Under 5 USC 2105, POTUS is an "employee", though that is w.r.t. Title 5 and insider trading laws are ...


11

Transfer pricing is something that is required when related parties provide good or services to each other, in order to determine what part of the profit from the eventual sale of the goods or services is allocated to the initial transferor and what part is allocated to the final seller of the good or service. There is no country in the world where transfer ...


10

The order itself is here. It applies to "any United States person", which includes citizens, LPRs, entities with a US basis, and any other person in the US including tourists. It applies to transactions, and not static possession. There is no exception to the effect that "you can trade as long as it's not on the NYSE", and it says Any ...


9

Your bank is not discriminating against you. Your reasons for not having the required amount of funds pass thru your account has nothing to do with your marital status. In general, it's problematic to make a chain-of-cause-and-effect argument for discrimination. For example. Your argument is analogous to the following. My boss fired me for being late ...


9

Q: Why don't US prosecutors press for imprisonment for crime in the banking industry? Q. Why aren't US prosecutors (and UK prosecutors for that matter) not pressing for imprisonment in such cases? Is this because there are no such laws under bankers can be so indicted (notably, in the case reported on above, there is the additional ...


9

There are two different kinds of transactions that are implicated by your question. The first is a stock stock split. This simply turns 1 share into X shares and trades out existing shares for new shares. This has no economic effect and is simply done for the convenience of trading shares for prices that are easy to work work on a practical basis, for ...


8

Visa is incorporated in Delaware. So is MasterCard. In addition, both are headquartered in the US, have huge quantities of assets in the US, do lots and lots of business in the US in a highly regulated sector, and their very existence depends on their ability to interact with the US banking system. The US has the authority to regulate all of these things, ...


8

First of all, this is not insider trading: insider trading is using non-public information to trade a publicly tradable security. What this could be is misuse of confidential information - a civil tort. The disclaimer does not create a legally binding contract for a number of reasons but it does alert the recipient that the information is confidential: if ...


7

I can see at least two defenses. Game of Skill Defense. Already mentioned in the comments. Entertainment Defense. One could claim the game itself is a form of entertainment and, therefore, all funds spent while playing the game are for entertainment purposes only vis-a-vis the game itself. And not any alleged gambling within the game. Consider the fact that ...


7

I will assume for this question you are referring to a US Department of Education backed loan. In that case, according to the US DoE website: If you, the borrower, die, then your federal student loans will be discharged. If you are a parent PLUS loan borrower, then the loan may be discharged if you die, or if the student on whose behalf you obtained the ...


7

Student loans work very differently than any other ordinary loan you could take out. They have explicit restrictions that limit what kinds of things you can use them for, including your tuition, books and other required materials (sometimes even a laptop), room and board, groceries, transportation (like a bus pass), and a few other minor essentials for going ...


7

I imagine it's not a crime to change your mind before the order goes through, but that's not really what this guy did. The allegation is instead that he never intended to follow through on those orders in the first place. Entering an order to sell stocks and then canceling those orders is a crime if its done with an intent to manipulate the market, which is ...


7

The criminal complaint against Sarao can be found on the US Department of Justice's website. He was charged under four different sections of US Code: 18 USC 1343, which prohibits the use of inter-state or foreign telecommunications in the furtherance of a fraudulent scheme. 18 USC 1348, which prohibits fraud concerning securities and commodities markets. ...


6

It depends on the rules of the particular betting market and the laws under which it operates. Assuming that the bet itself is legal, it is not uncommon that participants in the contest are not allowed to bet, not because they distort the market, but because they can influence the outcome. Consider if instead of betting to win, Mr Trump bet on himself to ...


6

Technical violations can result in fine imposed by the Federal Election Commission. They provide this booklet, and these regulations are applicable. This regulation spells out how the fine is computed. The Dept. of Justice will handle any criminal accusations, and here is their handbook. To be criminally prosecutable, the act must be done knowingly and ...


6

You owe money if there is a contract obliging you to pay. Whether you receive what you pay for (e.g. services) only affects your stance when suing for non-performance/damages; your obligation to pay still stands until the court decides it does not (or there is a mutual agreement to discharge the contract). It is irrelevant whether the original payment ...


6

This is not insider trading To be an insider in the USA you must be a company officer, director or a beneficial owner of more than 10% of a class of the company's equity securities. You aren’t any of those. Or you are an “insider” if you trade based on non-public information in breach of a position of trust. The company’s lawyers and accountants, for ...


6

A bankruptcy discharges your debt and that bankruptcy goes on your credit report. Now, under the "Fair Credit Reporting Act" (FCRA), that information may only stay on your record up to 10 years (in the case of a bankruptcy, 7 for most other things). After 10 years the negative marks fall off of your credit report. However FCRA only applies to ...


6

Transfer pricing is of course legal: when an asset is transferred from one entity to another, there is a price. However, transfers between subsidiaries or other related companies in different tax jurisdictions are subject to scrutiny by taxing authorities, who are interested in the magnitude of the price, as you note. Many countries require the companies to ...


5

Both of your question are creatures of contract. Their disclosures when you set up the account (or potentially amended disclosures or terms they've mailed to you subsequently) control both of these questions. They don't have to share the results of their internal investigation against you (they do have to give you proof that the deposit/transfer was ...


5

This sounds like a really bad communication issue. I would contact the company to find out what is up and inform them politely that they have been given more than a "reasonable" time to release the 401k. I would also inform them that they need to expedite the notice and offer to stay on the phone while they contact the plan administrator. If they give you ...


5

I reported this to my bank as soon as I found out, and Chase said that the money would be reimbursed once they completed their investigation (within 10 business days). Chase was likely indicating that the money will be reimbursed within 10 business days of completing their investigation; not 10 business days from the date you told the that someone forged ...


5

Page 1 of OGE form 278e says WARNINGS Knowing and willful falsification of information, or failure to file or report information required to be reported by section 102 of the Ethics in Government Act of 1978, as amended (the Act), may subject you to a civil monetary penalty and to disciplinary action by your employing agency or other ...


5

The President wouldn't be in breach of Insider Trading Laws (Section 10b of the Securities Exchange Act) since he has no information resulting from a position of trust within Twitter (or as a trusted provider of services) and no ability to depress their stocks through intentionally fraudulent practices. [O]ne who fails to disclose material information ...


5

This is a rather elaborate version of receiving stolen property. It is a crime because you know that the property is not yours and you know who it belongs to. The fact that funds were returned mitigates the punishment that might be imposed, but disgorgement of profits as well as principal would be a typical criminal restitution in such a case. A prosecutor ...


5

It is unlikely that you could successfully sue the bank for breach of contract, but of course the first thing you should do is carefully read the agreement and see exactly what they promised. It is understandable that you would like to get your money right now, but that isn't necessarily guaranteed under the agreement. Assuming there is no statement in the ...


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