undefined | Better HN

0 pointsrefurb4y ago0 comments

Making a lucky investment is “abusing the intent”?

0 pointsrefurb4y ago0 comments

Making a lucky investment is “abusing the intent”?

0 comments

6 comments · 3 top-level

TheCoelacanth4y ago· 2 in thread

It wasn't luck. He sold himself assets at below market value to launder them into his IRA under the contribution limit.

refurbOP4y ago

Wait, you’re accusing Thiel of money laundering?

I do not believe this behavior meets the definition of criminal money laundering, if that's what you're asking.

ac294y ago· 1 in thread

$5B is more than the GDP of several dozen countries. I dont think that was the intent of the law.

refurbOP4y ago

Sure, but there was nothing in the law that said “this tax advantaged account is only for return of less than 10,000%”

yes

j / k navigate · click thread line to collapse

6 comments · 3 top-level

TheCoelacanth4y ago· 2 in thread

It wasn't luck. He sold himself assets at below market value to launder them into his IRA under the contribution limit.

refurbOP4y ago

Wait, you’re accusing Thiel of money laundering?

I do not believe this behavior meets the definition of criminal money laundering, if that's what you're asking.

ac294y ago· 1 in thread

$5B is more than the GDP of several dozen countries. I dont think that was the intent of the law.

refurbOP4y ago

Sure, but there was nothing in the law that said “this tax advantaged account is only for return of less than 10,000%”

yes

j / k navigate · click thread line to collapse