Misrepresenting Your Nation of Residence to Obtain a Certificate For Deposit Account
My question involves criminal law for the state of: Wisconsin.
I live in the US and was trying to sign up for a Certificate for Deposit account on Avatrade, not knowing at the time that CFDs are illegal in the US. Not seeing US in the options of countries, I registered the account in Canada. I figured it wouldn't be a big deal (didn't really think through why the US wouldn't be listed). Anyways, now that I know it is illegal, I want to withdraw my money. In order to do this I need to verify my identity and address. I'm assuming I won't be liable for actually trading CFDs, since I only made the account and never did anything with it (please correct me if I'm wrong). But, could I get in trouble for having registered under the wrong country? Could I get in any legal trouble when they find out I actually am American? I really would like that money back, but definitely not at the expense of being charged with something!
Re: I Signed Up for a Cfd Via Avatrade As a Canadian. Legal Problem
It's illegal for them to offer CFDs to US people. You're not going to get into trouble for having bought one.
Avatrade could institute a fraud action on you for lying, but provided they aren't out any money, they have little reason to do so.
They certainly can kick you off their site for lying.
Draw your money out.
Note that Avatrade is not a US company and most of the rest of this is outside the scope of this forum.
Re: I Signed Up for a Cfd Via Avatrade As a Canadian. Legal Problem
Quote:
Quoting
flyingron
It's illegal for them to offer CFDs to US people. You're not going to get into trouble for having bought one.
Avatrade could institute a fraud action on you for lying, but provided they aren't out any money, they have little reason to do so.
They certainly can kick you off their site for lying.
Draw your money out.
Note that Avatrade is not a US company and most of the rest of this is outside the scope of this forum.
So, should I send a picture of my state id and withdrawal request, along with a note that I didn't realize CFDs were illegal in the US and this is why I am withdrawing?
Re: I Signed Up for a Cfd Via Avatrade As a Canadian. Legal Problem
Don't make any such note. Just withdraw your funds. CFD are not illegal for US people to trade, it's illegal for them to be offered to you. Your statements are not going to help things. You clearly committed fraud to bypass the restrictions Avantrade put in so that they could comply with the law. Just take your money and go and hope Avantrade doesn't take issue with it.