Nope, not at all allowed. Falls under the rule about twinking/muling, being the latter.
Rule postingDem Rules wrote:
Muling constitutes as follows: passing items and/or gold from a character to another, when both characters are in the possession of the same player. The characters being on different GameSpy ID's or CD keys does not negate the act being muling. The methods for this are varying, but any method where the items end up from one of your PCs to another, is muling.