Posted by LB Ed on October 03, 2002 at 04:59:03:
You need a broker’s license to do what you are doing. So yes, it is illegal. I don’t know what a prosecutor would do if you were caught, but generally you risk any number of people turning you in: Other licensed brokers or malcontent customers. If you advertise, you will probably be caught.
If there is a way around this, I don’t know it. In New York, judges generally believe “if it quacks like a duck, its a duck,” so you’d be nailed even if you came up with some silly scheme.
I’m not an attorney, but I do lots of investing in New York.