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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: ShoppinTheNet who wrote (10654)	3/20/1998 8:06:00 AM
From: Jerry in Omaha	Read Replies (1) \| Respond to of 20681

Mr. 2, The technique I used for loading up two '97 IRAs, and two Roth accounts was much different from the open request recently made by Mr. Hyperknowledge who wants to put 25,000 shares in his Roth account. Any securities purchased for a Roth must be done using cash already in the account. Unlike a normal IRA income taxes for Roth cash are paid up-front. My brother, who like me had never purchased stock before, gave me a check. Flying home from our visit it occurred to me that I could cash the check and deposit the cash in my Roth account. I could then distribute the proper number of Naxos shares I already owned into my brother's account. I found enough people willing to give me cash for shares and filled up two accounts in a week. It appears Mr. Hyperknowledge wishes to go me one better. At current prices I was able to put a few hundred shares into my and my wife's accounts. I believe that Mr. Hyperknowledge would like to execute a mutual sales exchange at pennies per share. Technically, if he is correct, there appears to be a procedure for him to accomplish the trade. Legally, I don't have a clue but it seems that what he wants to do would violate the spirit of the Roth legislation. My technique may push that spirit but I believe Mr. Hyperknowledge wants to blast through it. At the least he should seek some serious financial counsel before attempting such a risky transaction. What he is proposing seems very dangerous to me. Jerard P