What are the requirements to open a fund legally in the US? I don't ask for a complete list; just a reference or the name of the relevant laws would be enough.
Sure, now it's not my area of operations but I do know gist (with some thanks to SEC site and google.)
First foremost you'll need an LLC so Roy's already out of the running. But pretend he can get this rolling (and places can do it for you but that takes money what Roy lacks aside brains or training or skills I digress, getting an LLC is a fools game and or cheap)
After that you file an NA-1 that's the paper telling the SEC you want to open a fund. For that you need to show operation funds for a year, est size and money bonded for investors if pull outs happen (keeping you from over leverage and or Ponzi schemes).
You'll need underwriters as well, in your NA1 that's where Roy would be a fucking riot and throw oodles of red flags . Part of this shit is open and honest stuff, list who's gonna take part what kinda size you're looking at est ROI. Roy is insane and won't be denied assuming he gets this far.
Now that's to open, to manage it you need more paper work a file called an ADV is next. This yet again stumps the chump as Roy can't touch securities! This is where you say so and so is gonna run the new funds and yes it's not insane to choose yourself or include your name.
Now to file this shit is about the price of a nice pony car (fees alone in 18 avg over 25k). Again Roy is out.
Hope this wasn't too drawn out but, again since Roy is not ANY of these things its a pipe dream.
As @ronic said if Roy was an investor of sorts and said shit like this, he'd be fucking sanctioned so fast and probably suspension of certification at least his bond holder revoke due to risk.
Kinda funny Roy is deemed too dumb to be a threat by the line of work he so dreams of.
