I'm not claiming fraud. I'm claiming he bought the shares for less than the fair market value. It's probably not illegal, but it should be (buying below market

I'm not claiming fraud. I'm claiming he bought the shares for less than the fair market value. It's probably not illegal, but it should be (buying below market value in an IRA, not buying below market value in general), because it makes a mockery of the contribution limits for IRAs.