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Ok so say I have $10,000 in my account. I pull it out and have $10,000 in cash and $10,000 to buy stocks with. Then I use that to open a new account, do the same thing and now I have $20,000 to buy stocks with and $10,000 in cash. Repeat, repeat, repeat.

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How do you pull out the money if you're using it for margin buys? I take it your plan would be to deposit 10k, get 10k on margin, buy 10k worth of stocks, and then withdraw 10k? If you do that, your broker will issue a margin call, which basically says, "You don't have enough capital in your account to cover your loans, so you have to sell whatever stocks you have right now to pay off the loans."