DannyHamilton
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Activity: 3388
Merit: 4653
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April 28, 2014, 01:41:33 PM |
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To all potential sellers:
If you live in the U.S. use extreme caution with this transaction.
FinCEN requires that a CTR (Currency Transaction Report) be properly filed for transactions that exceed $10,000. If the seller is unwilling to provide the necessary information to file the report, there is a very real possibility the the buyer is an undercover agent, and you are at significant risk of being charged with a federal crime.
Furthermore, structuring multiple transactions for the purpose of avoiding the CTR requirements is also a federal crime.
Undercover agents can and will lie to you. This does NOT provide you with an "entrapment" defense. "Entrapment" in the legal sense is NOT as simple as T.V. and movies portray it, and requires a very specific set of criteria be met.
If the buyer actually is a lawyer (I highly doubt this), then he is aware that what he is asking is illegal and he can be subject to disbarment for his involvement in this. I highly suspect that at least one of the people that contact him will report him. If the buyer is not an undercover FBI agent, then if (when?) he is arrested, it is quite possible that he will cooperate with the FBI to assist them in arresting you.
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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BurtW
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Activity: 2646
Merit: 1136
All paid signature campaigns should be banned.
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April 28, 2014, 01:47:41 PM |
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I have sold cars, rare baseball cards, works of art, and other property for more than $10,000 and never once filled out a form. Why are you so concerned about these forms? They do not apply to the sale of property and we all know the IRS considers BTC to be property.
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Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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Bankster (OP)
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April 28, 2014, 01:49:53 PM |
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To all potential sellers:
If you live in the U.S. use extreme caution with this transaction.
FinCEN requires that a CTR (Currency Transaction Report) be properly filed for transactions that exceed $10,000. If the seller is unwilling to provide the necessary information to file the report, there is a very real possibility the the buyer is an undercover agent, and you are at significant risk of being charged with a federal crime.
Furthermore, structuring multiple transactions for the purpose of avoiding the CTR requirements is also a federal crime.
Undercover agents can and will lie to you. This does NOT provide you with an "entrapment" defense. "Entrapment" in the legal sense is NOT as simple as T.V. and movies portray it, and requires a very specific set of criteria be met.
If the buyer actually is a lawyer (I highly doubt this), then he is aware that what he is asking is illegal and he can be subject to disbarment for his involvement in this. I highly suspect that at least one of the people that contact him will report him. If the buyer is not an undercover FBI agent, then if (when?) he is arrested, it is quite possible that he will cooperate with the FBI to assist them in arresting you.
I have never stated, nor will I ever state that my client is buying $10,000 and above per transaction. There will be several smaller transactions for several reasons. I nor any of my colleagues will ever do an illegal transaction. Edit: If we ever do, deny the transaction and walk away.Regards, B |
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DannyHamilton
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Merit: 4653
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April 28, 2014, 01:50:01 PM |
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They do not apply to the sale of property and we all know the IRS considers BTC to be property.
And FinCEN does not consider BTC to be property. |
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DannyHamilton
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April 28, 2014, 01:51:13 PM |
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I am very familiar with this law. I have never stated, nor will I ever state that my client is buying $10,000 and above per transaction. There will be several smaller transactions for several reasons. I nor any of my colleagues will ever do an illegal transaction.
Regards, B
structuring multiple transactions for the purpose of avoiding the CTR requirements is also a federal crime.
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BurtW
Legendary
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Activity: 2646
Merit: 1136
All paid signature campaigns should be banned.
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April 28, 2014, 01:55:57 PM |
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They do not apply to the sale of property and we all know the IRS considers BTC to be property.
And FinCEN does not consider BTC to be property. I would side with the IRS for now, until some other gov entity serves my purpose better. |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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Bankster (OP)
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Activity: 14
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April 28, 2014, 01:56:34 PM |
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I am very familiar with this law. I have never stated, nor will I ever state that my client is buying $10,000 and above per transaction. There will be several smaller transactions for several reasons. I nor any of my colleagues will ever do an illegal transaction.
Regards, B
structuring multiple transactions for the purpose of avoiding the CTR requirements is also a federal crime.
This applies to the original party. If another entity(s) come into the picture at a different time while the first deal has been concluded, structuring will not be present. "Hello, I am one of several lawyers" I have merely stated $10,000+ for the volume of BTC needed. Never have I stated it was for a single transaction. |
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jonald_fyookball
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Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
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April 28, 2014, 02:03:27 PM |
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Whoever is selling coins, please make sure they are a real hedge fund.
Do your due dilligence by contacting the hedge fund directly and verifying.
"Hello, I am one of several lawyers representing a Hedge Fund that wishes to remain anonymous." doesn't sound fishy at all. |
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DannyHamilton
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Activity: 3388
Merit: 4653
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April 28, 2014, 02:06:58 PM |
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They do not apply to the sale of property and we all know the IRS considers BTC to be property.
And FinCEN does not consider BTC to be property. I would side with the IRS for now, until some other gov entity serves my purpose better. Side with whoever you want, but when the FBI comes knocking, you'll discover that "The IRS says" is not a valid defense. |
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DannyHamilton
Legendary
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Activity: 3388
Merit: 4653
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April 28, 2014, 02:11:12 PM |
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"Hello, I am one of several lawyers"
I'm pretty sure you are not. (And if you are, then you're not a very good one). I have merely stated $10,000+ for the volume of BTC needed. Never have I stated it was for a single transaction.
What you said was: Our lowest amount will be in the range of $10,000 so you will have to be able to accommodate our demands.
ID verification is not required
for new sellers we can do a smaller amount . . . for our first transaction.
In otherwords: We want amounts larger than $10,000. We are not cooperating with CTR requirements. We can structure in the beginning if you prefer. |
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jonald_fyookball
Legendary
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Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
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April 28, 2014, 02:19:53 PM |
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A hedge fund would wanted to purchase anonymously would probably
not say "we are a hedge fund who wants to purchase anonymously".
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Bankster (OP)
Newbie
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Activity: 14
Merit: 0
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April 28, 2014, 02:22:47 PM |
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Whoever is selling coins, please make sure they are a real hedge fund.
Do your due dilligence by contacting the hedge fund directly and verifying.
"Hello, I am one of several lawyers representing a Hedge Fund that wishes to remain anonymous." doesn't sound fishy at all. Had I said it was for a private person but didn't want to show any credentials it would be fishy too? Side with whoever you want, but when the FBI comes knocking, you'll discover that "The IRS says" is not a valid defense. In otherwords:
We want amounts larger than $10,000.
We are not cooperating with CTR requirements.
We can structure in the beginning if you prefer. We do want amounts larger than $10,000. Correct. We did not specify at what intervals, again, I merely stated that the person selling the Bitcoins needs to be able to handle this kind of volume. We are in 100% cooperation with CTR requirements and regulations, in the sense that we needn't worry about filing anything, as amounts will not be structured. I have already explained in my post above how it would be done. This thread is merely a show of interest, details would come in the form of PM's. Please refrain from side-tracking this thread. Regards, B |
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BenAnh
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April 28, 2014, 02:25:14 PM |
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Whoever is selling coins, please make sure they are a real hedge fund.
Do your due dilligence by contacting the hedge fund directly and verifying.
"Hello, I am one of several lawyers representing a Hedge Fund that wishes to remain anonymous." doesn't sound fishy at all. Had I said it was for a private person but didn't want to show any credentials it would be fishy too? Side with whoever you want, but when the FBI comes knocking, you'll discover that "The IRS says" is not a valid defense. In otherwords:
We want amounts larger than $10,000.
We are not cooperating with CTR requirements.
We can structure in the beginning if you prefer. We do want amounts larger than $10,000. Correct. We did not specify at what intervals, again, I merely stated that the person selling the Bitcoins needs to be able to handle this kind of volume. We are in 100% cooperation with CTR requirements and regulations, in the sense that we needn't worry about filing anything, as amounts will not be structured. I have already explained in my post above how it would be done. This thread is merely a show of interest, details would come in the form of PM's. Please refrain from side-tracking this thread. Regards, B What's wrong with amount less than $10k? But with all due diligence we can handle $100k per transaction! |
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Saigonsmokes
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April 28, 2014, 02:27:14 PM |
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Whoever is selling coins, please make sure they are a real hedge fund.
Do your due dilligence by contacting the hedge fund directly and verifying.
"Hello, I am one of several lawyers representing a Hedge Fund that wishes to remain anonymous." doesn't sound fishy at all. Had I said it was for a private person but didn't want to show any credentials it would be fishy too? Side with whoever you want, but when the FBI comes knocking, you'll discover that "The IRS says" is not a valid defense. In otherwords:
We want amounts larger than $10,000.
We are not cooperating with CTR requirements.
We can structure in the beginning if you prefer. We do want amounts larger than $10,000. Correct. We did not specify at what intervals, again, I merely stated that the person selling the Bitcoins needs to be able to handle this kind of volume. We are in 100% cooperation with CTR requirements and regulations, in the sense that we needn't worry about filing anything, as amounts will not be structured. I have already explained in my post above how it would be done. This thread is merely a show of interest, details would come in the form of PM's. Please refrain from side-tracking this thread. Regards, B What's wrong with amount less than $10k? But with all due diligence we can handle $100k per transaction! But yet you have no feedback for sales of more than $500 and can't sign a wallet with a large sum of BTC in...be careful folks. |
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theskillzdatklls
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April 28, 2014, 02:44:10 PM |
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Didn't get a PM. Still willing to trade over localbitcoins.com (as anonymous as it gets over the web with built in escrow) or other platforms for large amounts. The guy that attacked me below my reply is simply upset that I didn't want to invest in his website. If my rates are too high that's a separate issue, but they are priced that way because of scammers.
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BenAnh
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April 28, 2014, 03:02:51 PM |
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Could be a trap but always be careful with who you're dealing with;)
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theskillzdatklls
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April 30, 2014, 12:53:49 AM |
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Sounds like a trap, I offered him escrow services, being physically present inside bank walls to do a cash transaction or him sending first, he wasn't interested in any of those.
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jonald_fyookball
Legendary
Offline
Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
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April 30, 2014, 01:20:20 AM |
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So he just expected you to send $10000 of bitcoins based on trust?
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DannyHamilton
Legendary
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Activity: 3388
Merit: 4653
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April 30, 2014, 02:07:58 AM |
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So he just expected you to send $10000 of bitcoins based on trust?
No surprise there. He's a brand new users with no significant history on this site offering large transactions with minimal identification. "I'm one of several lawyers", "We have people all around the country", and "representing a Hedge Fund" are phrases meant to make you feel like you can trust him. $10,000+ is an amount meant to make you feel like you've found a great opportunity. Classic scam artist techniques. |
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Bankster (OP)
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Activity: 14
Merit: 0
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April 30, 2014, 09:29:47 PM |
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This is for FACE TO FACE transactions. There is no need for escrow services. If you want, you can bring someone with you. It is cash only. Sounds like a trap, I offered him escrow services, being physically present inside bank walls to do a cash transaction or him sending first, he wasn't interested in any of those.
I have not even replied to your PM. Why spread false accusations? I just got onto the website. We are not willing to do business with you. However, if someone else wants, we can do a transaction inside a bank, without problems. You can have all the bills verified, we are not scammers, we are legitimate. I have not given you any reason to doubt me and yet it seems this thread is being hijacked by fear, pity. |
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