Legal Question in Banking Law in California
New Business Idea for the Web
Is it legal to have a website which collects funds from people in accounts, and have them trade goods using those funds on a ''virtual stock market exchange''? This would be completely separate from any known stock market exchanges such as NYSE. What are the legal implications of being able to accept monetary deposits into an account? Can this be done without being a bank or some other federal/state certification? I am in California.
Asked on 7/15/07, 12:55 am
1 Answer from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
Re: New Business Idea for the Web
It's called a "bucket shop," the idea is a hundred years old, and, no, you can't legally do it in the U.S.
Answered on 7/15/07, 2:12 am
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