receiving cash

[chapstarr]

A close friend has lots of cash that he has obtained thru selling stuff on EBAY and craigslist. He has other means of obtaining cash, some fall in the "gray" area between right and wrong. He approached me to ask if I could take some of the money and make it "legit" so his ex-girl and the government cant take it. He wants to become more of a stand up citizen and save for his son's future but is running into problems with having little or no credit. Can I accept his cash gift, and establish a trust or savings account in his son's name? If something happend to him (jail or worse) would the money be safe? Could I ever get into trouble for doing something like that?

 

[Duranie]

This sounds fishy. you actually do not know where this money came from and you are an accomplice if something does happen. Is he in arrears from CS? If so stop protecting him. what this guy is doing is illegal if he is working under the table. I guarentee you if he gets busted, he is pulling you in with him.

 

[dee_dub]

For the sake of argument, lets assume the "grey" is actually illegal. If it wasn't, there'd be no point in going through with this exercise, since your friend would have no need to make the money legit in the first place.

The money likely would not be safe. If he gave it to you to invest in his son's RRSP, it wouldn't be a gift. The funds would almost certainly be subject to a civil forfeiture suit by the government or criminal forfeiture in the event your friend is convicted.

You could very likely get into trouble. There are laws against aiding and abetting and money laundering.