Can I literally start calling people and asking for money?

So I watched Wolf of Wall St yesterday (2 words: um wow), and I am still in awe. I need some of those Lemmons :coma:

, and the Duchess was just :coma:

Anyway got me thinking, can I literally start calling people and asking them for money to invest, or do I need some kind of license? Aren't financial services regulated now?

Reply 1

Leftee

Did you name your account after the movie? :laugh:

Reply 2

justanotherposter

Most of what the characters did in Wolf Of Wall Street did was illegal, the industry was regulated back then as well. You do need a license to practice, I don't know the industry but if you Google 'Stock Broker License' you can read up on it.

Reply 3

Protagoras

There's nothing like life's lessons so go ahead and ask people on a forum.. and don't do any research what so ever.

The reason it is a film is because its entertainment and is illegal.

Go look for a job in sales in the City of London.

Reply 4

Sir Wolfie

Original post by justanotherposter

In essence, what they did, sell investment products and slap people with commission is not illegal. All the illegal stuff they did is illegal, having ratholes, price manipulation etc.

Are you sure you need a licence in this country, or just in the US?

Reply 5

Sir Wolfie

Original post by Leftee

Did you name your account after the movie? :laugh:

Possibly

Spoiler

Reply 6

Sir Wolfie

Original post by Protagoras

It's based on a true story and comes from the memoirs of Jordan Belfort condensed into a 3 hour epic.

What kind of sales jobs are most Wolfesque?

Reply 7

Mav455

Lol I think you could get in trouble for that...

Reply 8

Sir Wolfie

Original post by Mav455

Lol I think you could get in trouble for that...

Just to clarify I'm not looking to do the illegal stuff. I just want to ring people up and ask for money.

Would I need a licence?

Original post by LostGear

No I can't do this or no I don't need a licence?

Reply 11

scotttb

Original post by Sir Wolfie

Just to clarify I'm not looking to do the illegal stuff. I just want to ring people up and ask for money.

Would I need a licence?

Obviously you don't need a begging licence, people sit on the street and do it all the time.

Reply 12

Gax

Original post by Sir Wolfie

No I can't do this or no I don't need a licence?

Noone is going to trust a random person on the phone asking them for money to 'invest' with

Reply 13

interstitial

Are you a Nigerian prince by any chance?

Reply 14

Sir Wolfie

Original post by scotttb

Obviously you don't need a begging licence, people sit on the street and do it all the time.

Begging is not regulated.

Offering investment advice is.

Just looked into it, apparently I need to apply for Part 4 permission under the FSMA 2000, or risk a criminal offence.

Reply 15

Sir Wolfie

Original post by Gax

Noone is going to trust a random person on the phone asking them for money to 'invest' with

Tell that to Jordan Belfort mate.

Reply 16

Sir Wolfie

Original post by Arithmeticae

Are you a Nigerian prince by any chance?

lol. no.

I am actually Nigerian though, not related to any royalty though :frown:

Reply 17

Gax

Original post by Sir Wolfie

Tell that to Jordan Belfort mate.

Mate, this is the 21st century; we have the internet and many other ways to find out more about these kinds of scams.

And in any case, do you not think that people have learned from Jordan Belfort about the dangers of giving your money to anyone who rings you up to ask you for it? And many people watched the film anyway.

(edited 9 years ago)

Reply 18

122025278

Original post by Sir Wolfie

So I watched Wolf of Wall St yesterday (2 words: um wow), and I am still in awe. I need some of those Lemmons :coma:

, and the Duchess was just :coma:

Anyway got me thinking, can I literally start calling people and asking them for money to invest, or do I need some kind of license? Aren't financial services regulated now?