Getting an SSN does not solve the bigger issue of work authorization.
That's right, but I didn't say getting an SSN will get you a work authorization. As an international student, you are legally allowed to be employed on-campus[1] on a part-time basis provided that you maintain your student status, which basically means you have an above minimum GPA and not serving any academic disciplinary actions. In order to get a permission to work on-campus, you need to file an I-9 form, then get an SSN, then you can start working, but you can get a job on-campus before any of these happens, as long as you don't get paid before you have I-9 filled out, authorized by CEVIS and have an SSN.
F-1 OPT is the only status I know that allows you to earn an income while being self-employed.
Generally, that's impossible, unless you incorporate a sole-proprietorship, which is generally not possible unless you change your VISA status to O-1 (alien with extraordinary abilities) or EB-5 (investor with 500K - 1 mil in the bank) or some other forms of partnerships with a citizen, and apply for an H-1 for yourself through the company. You are required to pay income taxes if you are "employed" or have any kind of income. You cannot show that information if you don't have the proper paperwork, and you can't have those paperwork unless you are employed under an organization that can issue you work-authorization.
Yes, getting an SSN is easy (just find an on-campus job), but cashing out the $200k could lead to the OP being deported for earning an income without proper work authorization.
If you get an SSN, you are still only allowed to receive an income from authorized jobs/sources. On-campus jobs are one of them. But a self-run online business, does not count as one -- unless you get it authorized via OPT (or some other means.)
> Generally, that's impossible
It is indeed possible to work for your own company while on F-1 OPT status. I've explained it in detail on this thread: https://news.ycombinator.com/item?id=5191832 (which I referred to in the grandparent comment).
I should add, "incorporate a sole-proprietorship" is a non sequitur. The term "incorporate" by definition describes the act of forming a corporation. A sole-proprietorship is when you operate a business on your own name, and not under a company's name. It does not give you the "liability shield" that a corporation or LLC provides, and is generally a bad idea for most businesses.
I'm sorry I've missed your point too, let's say he against all odds now magically got a pre-completion OPT authorized (which takes A LOT OF persuasion of the school officials BTW), an EAD, and have enough money to get a lawyer and incorporate a C-corp or what have you, before Immigration gets to him, now what? He still violated the rules to maintain his visa status.
If indeed he is in danger of being deported, how is ANY of your suggested action going to save him? He's running against time here, he can try to change his visa status, which Uncle Sam could find out about this and deny by the way. But if he was successful, Immigration could still decide to immediate terminate his visa when they find out about this. He is under risk of being deported, whatever he does now might alert Immigration, which puts him under further risk of being deported. I'm sorry I've totally missed your point here, but wouldn't minimizing damage the best course of action under these circumstances? What's the best way to minimize damage? Oh right, getting his money back, transfer it out of the country and hope Uncle Sam doesn't find out, or do absolutely nothing and hope Uncle Sam doesn't find out and still have money to go to school.
OP said he's from Venezuela, did you hear they just decided to devalue their currency by a third? Assuming he doesn't get his money back, his family suddenly has to pay 150% of tuition before devaluation for him to stay in school in the US. I don't know about his financial situation, but sounds like a lot of burden to me. Tuition and living expenses for international students currently range in about $100K a year. Minimizing damage sounds like the best course of action here.
[1]: http://www.bu.edu/isso/students/current/f1/employment/on-cam...