Legal Question in Banking Law in Illinois
As an Illinois resident, is it completely legal for me to invest money in Intrade, the predictions market in Ireland? I am thinking particularly about the legality of transferring funds back from my InTrade account into my Chase bank account in the U.S. and declaring the winnings on my tax returns.
Asked on 8/07/12, 5:16 pm
1 Answer from Attorneys
I do not know what Intrade is or how it is regulated, but normally a US citizen can invest in anything anywhere that it is not illegal to invest in. Among other things there may be State Department and/or Patriot Act and similar limitations. An accredited investment adviser here may be able to assist you in making these determinations.
Answered on 8/08/12, 10:23 am
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