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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Business_structure" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Business_structure"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Business structure</span> </div> </a> <ul id="toc-Business_structure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Etymology" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Etymology"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Etymology</span> </div> </a> <ul id="toc-Etymology-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Modern_boiler_rooms" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Modern_boiler_rooms"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Modern boiler rooms</span> </div> </a> <button aria-controls="toc-Modern_boiler_rooms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Modern boiler rooms subsection</span> </button> <ul id="toc-Modern_boiler_rooms-sublist" class="vector-toc-list"> <li id="toc-Gold_Coast_boiler_room_scams" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Gold_Coast_boiler_room_scams"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Gold Coast boiler room scams</span> </div> </a> <ul id="toc-Gold_Coast_boiler_room_scams-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-In_popular_culture" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#In_popular_culture"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>In popular culture</span> </div> </a> <ul id="toc-In_popular_culture-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Victims" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Victims"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Victims</span> </div> </a> <button aria-controls="toc-Victims-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Victims subsection</span> </button> <ul id="toc-Victims-sublist" class="vector-toc-list"> <li id="toc-Victim_support" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Victim_support"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Victim support</span> </div> </a> <ul id="toc-Victim_support-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Emotional_impact" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Emotional_impact"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Emotional impact</span> </div> </a> <ul id="toc-Emotional_impact-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li 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<div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Type of call center</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the con trick. For the facility within most business buildings, see <a href="/wiki/Mechanical_room" title="Mechanical room">Mechanical room</a>. For other uses, see <a href="/wiki/Boiler_room_(disambiguation)" class="mw-redirect mw-disambig" title="Boiler room (disambiguation)">Boiler room</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_footnotes_needed plainlinks metadata ambox ambox-style ambox-More_footnotes_needed" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/40px-Text_document_with_red_question_mark.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/60px-Text_document_with_red_question_mark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/80px-Text_document_with_red_question_mark.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article includes a list of <a href="/wiki/Wikipedia:Citing_sources#General_references" title="Wikipedia:Citing sources">general references</a>, but <b>it lacks sufficient corresponding <a href="/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</a></b>.<span class="hide-when-compact"> Please help to <a href="/wiki/Wikipedia:WikiProject_Reliability" title="Wikipedia:WikiProject Reliability">improve</a> this article by <a href="/wiki/Wikipedia:When_to_cite" title="Wikipedia:When to cite">introducing</a> more precise citations.</span> <span class="date-container"><i>(<span class="date">January 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>In <a href="/wiki/Business" title="Business">business</a>, a <b>boiler room</b> is an outbound <a href="/wiki/Call_center" class="mw-redirect" title="Call center">call center</a> selling questionable investments by <a href="/wiki/Telephone" title="Telephone">telephone</a>. It usually refers to a room where <a href="/wiki/Salespeople" class="mw-redirect" title="Salespeople">salespeople</a> work using unfair, dishonest <a href="/wiki/Selling_technique" class="mw-redirect" title="Selling technique">sales tactics</a>, sometimes selling <a href="/wiki/Penny_stock" title="Penny stock">penny stocks</a> or private placements or committing outright <a href="/wiki/Securities_fraud" title="Securities fraud">stock fraud</a>. A common boiler room tactic is the use of falsified and bolstered information in combination with verified company-released information.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The term is pejorative: it is often used to imply high-pressure sales tactics and, sometimes, poor working conditions.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2022)">citation needed</span></a></i>]</sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Business_structure">Business structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=1" title="Edit section: Business structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Boiler_room_(business)" title="Special:EditPage/Boiler room (business)">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">May 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The classic image of a boiler room is that it has an undisclosed relationship with the companies it promotes, or an undisclosed profit motive for promoting those companies. </p><p>Once the insider investors are in place, a boiler room promotes (by telephone calls to brokerage clients or spam email) these thinly traded stocks (i.e. stocks that are not purchased or sold very often) where there is no actual market. The brokers of the boiler room actually "create" a market by attracting buyers, whose <a href="/wiki/Supply_and_demand" title="Supply and demand">demand</a> for the stock drives up the price; this gives the owners of the company enough volume to sell their shares at a profit, a form of <a href="/wiki/Pump_and_dump" title="Pump and dump">pump and dump</a> operation where the original investors profit at the expense of the investors taken in by the boiler room operation. </p><p>In the 20th century, the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> described boiler rooms as follows:<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>The brokers sat "cheek by jowl" in a room the size of a basketball court. All of their desks were lined up side by side in rows. The firm held mandatory sales meetings every morning at 8:30 a.m. at which time sales techniques were demonstrated and scripts for the firm's "<a href="/wiki/House_stock" title="House stock">house stock</a>" … were distributed. Brokers were expected to follow the scripts and only give customers the information they contained.</p></blockquote> <p>Some traits of a boiler room include presenting only good news about the stock to be sold, and discouraging outside research by customers or brokers working there. The <i><a href="/wiki/International_Journal_of_Law,_Crime_and_Justice" title="International Journal of Law, Crime and Justice">International Journal of Law, Crime and Justice</a></i> states that:<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>There is a fairly strict division of labour within the boiler room. At the bottom of the hierarchy are the ‘qualifiers’ who try to interest customers into making an investment. They may make unsolicited telephone calls and send out newsletters. Next are the ‘verifiers’ or ‘openers’ who call customers to make them more interested in the investment and their firm, win the confidence of the victim and sell them, perhaps initially, a small amount of shares.</p></blockquote> <div class="mw-heading mw-heading2"><h2 id="Etymology">Etymology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=2" title="Edit section: Etymology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The term might have originated <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2018)">citation needed</span></a></i>]</sup> from the cheap, hastily arranged office space used by such firms, often just a few desks in the basement or <a href="/wiki/Utility_room" title="Utility room">utility room</a> of an existing office building, with the "heat" and "pressure" of close quarters, and fast-paced sales tactics analogous to the conditions in a boiler and, in the former case, its surrounding room. </p><p>In the early 1970s (and possibly earlier), <i>boiler room</i> was a term used by political parties for a room with many telephones used to call prospective voters.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2018)">citation needed</span></a></i>]</sup> </p><p>In 1968, Senator <a href="/wiki/Robert_F._Kennedy" title="Robert F. Kennedy">Robert F. Kennedy</a> had six women working for him as the "Boiler Room Girls", as they were known, and whose fame grew as a result of the death of <a href="/wiki/Mary_Jo_Kopechne" title="Mary Jo Kopechne">Mary Jo Kopechne</a> in 1969.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Modern_boiler_rooms">Modern boiler rooms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=3" title="Edit section: Modern boiler rooms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the late 1960s to the 1980s, boiler rooms sold <a href="/wiki/Municipal_bond" title="Municipal bond">municipal bonds</a> to unsophisticated investors. These boiler rooms were located primarily in the southeastern United States, most notably <a href="/wiki/Memphis,_Tennessee" title="Memphis, Tennessee">Memphis, Tennessee</a> and later <a href="/wiki/Little_Rock,_Arkansas" title="Little Rock, Arkansas">Little Rock, Arkansas</a>. The operators got the nickname "Bond Daddies." The operators would sell the bonds at inflated prices, substitute different bonds, mislead investors about the risks, or fail to deliver the bonds to the investor.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>In the 1990s, <a href="/wiki/Organized_crime" title="Organized crime">organized crime</a> in <a href="/wiki/New_York_City" title="New York City">New York City</a> became involved in <a href="/wiki/Microcap_stock_fraud" title="Microcap stock fraud">microcap stock fraud</a> using boiler rooms.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Although many disappeared in the 1990s following the burst of the "<a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>", many boiler rooms still operate across the world. Reductions in telecommunication costs mean that a company can viably operate in one country while calling prospective investors in another. The advantage of such an operation is that a company can operate without fear of prosecution from the investor's native legal system. For example, many boiler rooms contacting prospective investors in the United Kingdom operate from Spanish cities such as Barcelona and Valencia.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>A boiler room operation is well exemplified by the case of Fort Lauderdale-based company First Resource Group LLC, charged by the U.S. Securities and Exchange Commission with conducting a fraudulent boiler room scheme in 2012. According to the SEC, First Resource (and the company's founder, David H. Stern) used a telephone sales boiler room to make inflated claims and defraud investors while simultaneously manipulating the price of the stocks and making profits for themselves.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>With the advent of the <a href="/wiki/Internet" title="Internet">internet</a> and the ability to create web sites easily without any regulatory involvement, as well as the ability to operate from other <a href="/wiki/Jurisdiction" title="Jurisdiction">jurisdictions</a>, boiler rooms have continued to operate into the 21st century. It is easy for scammers to set up a web site in one country, operate from another country and target victims in a third country, hiding their identity and making it difficult to trace them. <a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a> varies significantly from country to country, and some countries deliberately promote low regulatory environments in order to attract financial business. This makes it easy for boiler rooms to use this to their advantage. <a href="/wiki/List_of_financial_regulatory_authorities_by_country" class="mw-redirect" title="List of financial regulatory authorities by country">Financial regulatory authorities</a> in each country have significant difficulty enforcing rules on scammers in other countries. With low financial literacy by investors or victims (particularly in the increasingly complex ways that global financial markets operate), and without better coordination between financial regulators in different countries, boiler rooms continue to operate. </p> <div class="mw-heading mw-heading3"><h3 id="Gold_Coast_boiler_room_scams">Gold Coast boiler room scams</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=4" title="Edit section: Gold Coast boiler room scams"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Gold_Coast,_Queensland" title="Gold Coast, Queensland">Gold Coast</a> has been described by investigators as the capital of investment fraud in <a href="/wiki/Australia" title="Australia">Australia</a>, with numerous boiler room operators selling bogus investment and sports betting schemes to Australian and overseas customers. The <a href="/wiki/Australian_Criminal_Intelligence_Commission" title="Australian Criminal Intelligence Commission">Australian Crime Commission</a> estimates Australians had lost at least AU$113 million up to 2012.<sup id="cite_ref-GC-Mistake_12-0" class="reference"><a href="#cite_note-GC-Mistake-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Operators of the scams buy old <a href="/wiki/Shelf_corporation" title="Shelf corporation">shelf companies</a> with no complaint history to give the appearance they've been trading legitimately for long periods. When complaints cause reputation problems they close the company and start anew. Virtual offices, fake receptionists and fake testimonials are used, and telemarketers <a href="/wiki/Cold_calling" title="Cold calling">cold call</a> victims with misleading claims of high returns.<sup id="cite_ref-CCC_investigation_13-0" class="reference"><a href="#cite_note-CCC_investigation-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Company_recycling_14-0" class="reference"><a href="#cite_note-Company_recycling-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Victims say the betting and investment software does not work and they lost their money when the companies suddenly closed.<sup id="cite_ref-CCC_investigation_13-1" class="reference"><a href="#cite_note-CCC_investigation-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> In 2011, private investigator, Ken Gamble, acting on behalf of groups of victims, provided evidence of millions of dollars' worth of fraud to the <a href="/wiki/Queensland_Police_Service" title="Queensland Police Service">Queensland Police Service</a>, but says the fraud squad failed to investigate.<sup id="cite_ref-QOCC_probe_15-0" class="reference"><a href="#cite_note-QOCC_probe-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> In late 2014 it was announced <a href="/wiki/Queensland" title="Queensland">Queensland</a>'s <a href="/wiki/Crime_and_Corruption_Commission" title="Crime and Corruption Commission">Crime and Corruption Commission</a> had taken over investigation of several Gold Coast boiler room scams due to allegations fraudsters were receiving police protection.<sup id="cite_ref-QPS_probe_16-0" class="reference"><a href="#cite_note-QPS_probe-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="In_popular_culture">In popular culture</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=5" title="Edit section: In popular culture"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A fictional "boiler room" brokerage firm was dramatized in the 2000 film <i><a href="/wiki/Boiler_Room_(film)" title="Boiler Room (film)">Boiler Room</a></i>, and the play and 1992 film <i><a href="/wiki/Glengarry_Glen_Ross" title="Glengarry Glen Ross">Glengarry Glen Ross</a></i> show a similar boiler room operation selling <a href="/wiki/Real_estate" title="Real estate">real estate</a>. </p><p><a href="/wiki/The_Sopranos_(season_2)" class="mw-redirect" title="The Sopranos (season 2)">Season two</a> of the <a href="/wiki/HBO" title="HBO">HBO</a> show <i><a href="/wiki/The_Sopranos" title="The Sopranos">The Sopranos</a></i> depicts a pump and dump scheme being operated out of a boiler room by associates of the fictional <a href="/wiki/DiMeo_Crime_Family" class="mw-redirect" title="DiMeo Crime Family">DiMeo crime family</a>. </p><p>The 2013 film <i><a href="/wiki/The_Wolf_of_Wall_Street_(2013_film)" title="The Wolf of Wall Street (2013 film)">The Wolf of Wall Street</a></i>, starring <a href="/wiki/Leonardo_DiCaprio" title="Leonardo DiCaprio">Leonardo DiCaprio</a>, also involves a boiler-room investment business and is based on the memoir of convicted <a href="/wiki/Penny_stock" title="Penny stock">penny stock</a> fraudster <a href="/wiki/Jordan_Belfort" title="Jordan Belfort">Jordan Belfort</a>, whose <a href="/wiki/Stratton_Oakmont" title="Stratton Oakmont">Stratton Oakmont</a> brokerage house operated as a boiler room. A 2010 episode of the television series <i><a href="/wiki/White_Collar_(TV_series)" title="White Collar (TV series)">White Collar</a></i> depicted fictional conman Neal Caffrey infiltrating a group of corrupt brokers also peddling inflated penny stocks. </p> <div class="mw-heading mw-heading2"><h2 id="Victims">Victims</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=6" title="Edit section: Victims"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Individuals will be targeted through the use of mediums such as the <a href="/wiki/Sucker_list" title="Sucker list">sucker list</a> which discloses information about those who have fallen victim to scams in the past. Another avenue, and one that is not as accessible due to its shielded nature, is the utilization of <a href="/wiki/Shareholder" title="Shareholder">shareholder</a> lists.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> These lists provide information that links the employees of the boiler room businesses to the people most susceptible to fraud. </p> <div class="mw-heading mw-heading3"><h3 id="Victim_support">Victim support</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=7" title="Edit section: Victim support"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Office_for_Victims_of_Crime" title="Office for Victims of Crime">Office for Victims of Crime</a> offers monetary aid to victims of crimes throughout the United States. These funds come directly from the "federal offenders" as well as from private donations and gifts. In addition to this, it "raises awareness about victims' issues, promotes compliance with victims' rights laws, and provides training and technical assistance and publications and products to victim assistance professionals."<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> It also links victims to The United States Department of Justice <a href="/wiki/Victim_Notification_System" title="Victim Notification System">Victim Notification System</a>, which was developed to maintain victims informed of case activity. Victims may register online to receive notifications regarding their relevant case. </p> <div class="mw-heading mw-heading3"><h3 id="Emotional_impact">Emotional impact</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=8" title="Edit section: Emotional impact"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Impacts of fraudulent boiler room business range from financial loss to decline in mental health and stability. Victims often suffer from stress, anxiety, loss of self-esteem, and depression. This decline in health and financial wealth has reportedly been linked to marriage dissolution as well as thoughts of suicide, and attempts of suicide. Victims also exhibited changes in behavior that included wariness of others and of financial transactions. On the other hand, many victims became more aware of the importance of security and as such took preventative action for the future.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=9" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Bucket_shop_(stock_market)" title="Bucket shop (stock market)">Bucket shop</a></li> <li><a href="/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud">Foreign exchange fraud</a></li> <li><a href="/wiki/Microcap_stock_fraud" title="Microcap stock fraud">Microcap stock fraud</a></li> <li><a href="/wiki/Pump_and_dump" title="Pump and dump">Pump and dump</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=10" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <dl><dt>Footnotes</dt></dl> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFRountreeNelsonPrice2018" class="citation web cs1">Rountree, Brian; Nelson, Karen; Price, Richard (2018-11-13). <a rel="nofollow" class="external text" href="https://business.rice.edu/wisdom/peer-reviewed-research/what-you-absolutely-need-know-about-microcap-stock-scams">"Boiler Room | Rice Business Wisdom"</a>. <i>Jones Graduate School of Business at Rice University</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2019-04-01</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Jones+Graduate+School+of+Business+at+Rice+University&rft.atitle=Boiler+Room+%7C+Rice+Business+Wisdom&rft.date=2018-11-13&rft.aulast=Rountree&rft.aufirst=Brian&rft.au=Nelson%2C+Karen&rft.au=Price%2C+Richard&rft_id=https%3A%2F%2Fbusiness.rice.edu%2Fwisdom%2Fpeer-reviewed-research%2Fwhat-you-absolutely-need-know-about-microcap-stock-scams&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoiler+room+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/investor/links/toptips.htm#boiler">"Portrait of a Boiler Room"</a><span class="reference-accessdate">. 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Australia. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230627082636/http://www.theguardian.com/money/2015/aug/17/the-biggest-mistake-in-my-life-how-gold-coast-boiler-room-scams-duped-investors">Archived</a> from the original on Jun 27, 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=%27The+biggest+mistake+in+my+life%27%3A+how+Gold+Coast+boiler+room+scams+duped+investors&rft.date=2015-08-17&rft.au=Joshua+Robertson&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fmoney%2F2015%2Faug%2F17%2Fthe-biggest-mistake-in-my-life-how-gold-coast-boiler-room-scams-duped-investors&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoiler+room+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-CCC_investigation-13"><span class="mw-cite-backlink">^ <a href="#cite_ref-CCC_investigation_13-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-CCC_investigation_13-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMark_SolomonsMark_Willacy2015" class="citation news cs1">Mark Solomons; Mark Willacy (26 May 2015). <a rel="nofollow" class="external text" href="http://www.abc.net.au/news/2015-05-26/former-police-investigated-over-gold-coast-boiler-room-scams/6486872">"Former police officers under suspicion over Gold Coast boiler room scams that raked in millions of dollars"</a>. <i>ABC News</i>. 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Australia: ABC 7:30. Archived from <a rel="nofollow" class="external text" href="http://www.abc.net.au/7.30/content/2014/s4079648.htm">the original</a> on Sep 23, 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Gambling+scam+takes+millions+from+Australian+investors&rft.date=2014-09-02&rft.aulast=Willacy&rft.aufirst=Mark&rft.au=Solomons%2C+Mark&rft_id=http%3A%2F%2Fwww.abc.net.au%2F7.30%2Fcontent%2F2014%2Fs4079648.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoiler+room+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarnes2017" class="citation journal cs1">Barnes, Paul (March 2017). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180722142403/https://mpra.ub.uni-muenchen.de/71562/1/MPRA_paper_71562.pdf">"Stock market scams, shell companies, penny shares, boiler rooms and cold calling: The UK experience, International Journal of Law, Crime and Justice"</a> <span class="cs1-format">(PDF)</span>. <i>International Journal of Law, Crime and Justice</i>. <b>48</b>: 50–64. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.ijlcj.2016.11.001">10.1016/j.ijlcj.2016.11.001</a>. Archived from <a rel="nofollow" class="external text" href="https://mpra.ub.uni-muenchen.de/71562/1/MPRA_paper_71562.pdf">the original</a> <span class="cs1-format">(PDF)</span> on Jul 22, 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Journal+of+Law%2C+Crime+and+Justice&rft.atitle=Stock+market+scams%2C+shell+companies%2C+penny+shares%2C+boiler+rooms+and+cold+calling%3A+The+UK+experience%2C+International+Journal+of+Law%2C+Crime+and+Justice&rft.volume=48&rft.pages=50-64&rft.date=2017-03&rft_id=info%3Adoi%2F10.1016%2Fj.ijlcj.2016.11.001&rft.aulast=Barnes&rft.aufirst=Paul&rft_id=https%3A%2F%2Fmpra.ub.uni-muenchen.de%2F71562%2F1%2FMPRA_paper_71562.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoiler+room+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ovc.gov/about/initiatives.html">"What We Do"</a>. <i>Office for Victims of Crime</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2019-04-13</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Office+for+Victims+of+Crime&rft.atitle=What+We+Do&rft_id=https%3A%2F%2Fwww.ovc.gov%2Fabout%2Finitiatives.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoiler+room+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFButtonLewisTapley2014" class="citation journal cs1">Button, Mark; Lewis, Chris; Tapley, Jacki (2014-02-01). "Not a victimless crime: The impact of fraud on individual victims and their families". <i>Security Journal</i>. <b>27</b> (1): 36–54. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1057%2Fsj.2012.11">10.1057/sj.2012.11</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1743-4645">1743-4645</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153910968">153910968</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Security+Journal&rft.atitle=Not+a+victimless+crime%3A+The+impact+of+fraud+on+individual+victims+and+their+families&rft.volume=27&rft.issue=1&rft.pages=36-54&rft.date=2014-02-01&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153910968%23id-name%3DS2CID&rft.issn=1743-4645&rft_id=info%3Adoi%2F10.1057%2Fsj.2012.11&rft.aulast=Button&rft.aufirst=Mark&rft.au=Lewis%2C+Chris&rft.au=Tapley%2C+Jacki&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoiler+room+%28business%29" class="Z3988"></span></span> </li> </ol></div></div> <dl><dt>General sources</dt></dl> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin" style=""> <ul><li class="mw-empty-elt"></li><li value="3"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStevenson2000" class="citation book cs1">Stevenson, Robert J (2000). <a rel="nofollow" class="external text" href="http://www.press.uillinois.edu/books/catalog/67cff7tt9780252069345.html"><i>The Boiler Room and Other Telephone Sales Scams</i></a>. Chicago: <a href="/wiki/University_of_Illinois_Press" title="University of Illinois Press">University of Illinois Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-252-06934-5" title="Special:BookSources/978-0-252-06934-5"><bdi>978-0-252-06934-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Boiler+Room+and+Other+Telephone+Sales+Scams&rft.place=Chicago&rft.pub=University+of+Illinois+Press&rft.date=2000&rft.isbn=978-0-252-06934-5&rft.aulast=Stevenson&rft.aufirst=Robert+J&rft_id=http%3A%2F%2Fwww.press.uillinois.edu%2Fbooks%2Fcatalog%2F67cff7tt9780252069345.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoiler+room+%28business%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLauriaDavid_S._Barry2003" class="citation book cs1">Lauria, Salvatore; David S. Barry (2003). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/scorpionfrog00laur"><i>The Scorpion and the Frog: High Times and High Crimes</i></a></span>. Beverly Hills, CA: New Millennium Entertainment. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-893224-26-1" title="Special:BookSources/978-1-893224-26-1"><bdi>978-1-893224-26-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Scorpion+and+the+Frog%3A+High+Times+and+High+Crimes&rft.place=Beverly+Hills%2C+CA&rft.pub=New+Millennium+Entertainment&rft.date=2003&rft.isbn=978-1-893224-26-1&rft.aulast=Lauria&rft.aufirst=Salvatore&rft.au=David+S.+Barry&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fscorpionfrog00laur&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABoiler+room+%28business%29" class="Z3988"></span></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Boiler_room_(business)&action=edit&section=11" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/United_States_Securities_and_Exchange_Commission" class="mw-redirect" title="United States Securities and Exchange Commission">SEC</a> – <a rel="nofollow" class="external text" href="https://www.sec.gov/investor/links/toptips.htm#boiler"><i>"Portrait of a Boiler Room"</i></a></li> <li><a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">FCA</a> (UK) – <a rel="nofollow" class="external text" href="https://www.fca.org.uk/consumers/share-fraud-boiler-room-scams"><i>"Share scams"</i></a></li> <li><a href="/wiki/The_Motley_Fool" title="The Motley Fool">The Motley Fool</a> consumer website – <a rel="nofollow" class="external text" href="http://boards.fool.co.uk/Message.asp?mid=10212932">Boiler Room FAQ</a></li> <li><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a> – <a rel="nofollow" class="external text" href="https://www.theguardian.com/money/2007/feb/03/scamsandfraud.moneysupplement3"><i>"Lifting the lid on 'boiler room' scams"</i></a></li> <li><a href="/wiki/BBC" title="BBC">BBC</a> – <a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/5202550.stm"><i>"Boiler room scams"</i></a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output 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.navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Scams_and_confidence_tricks" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar 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template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Scams_and_confidence_tricks" title="Special:EditPage/Template:Scams and confidence tricks"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Scams_and_confidence_tricks" style="font-size:114%;margin:0 4em">Scams and confidence tricks</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terminology</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Scam" title="Scam">Scam</a></li> <li><a href="/wiki/Error_account" title="Error account">Error account</a></li> <li><a href="/wiki/Shill" title="Shill">Shill</a></li> <li><a href="/wiki/Shyster" title="Shyster">Shyster</a></li> <li><a href="/wiki/Sucker_list" title="Sucker list">Sucker list</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Variants</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Advance-fee_scam" title="Advance-fee scam">Advance-fee scam</a></li> <li><a href="/wiki/Art_student_scam" title="Art student scam">Art student scam</a></li> <li><a href="/wiki/Badger_game" title="Badger game">Badger game</a></li> <li><a href="/wiki/Bait-and-switch" title="Bait-and-switch">Bait-and-switch</a></li> <li><a href="/wiki/Black_money_scam" title="Black money scam">Black money scam</a></li> <li><a href="/wiki/Blessing_scam" title="Blessing scam">Blessing scam</a></li> <li><a href="/wiki/Bogus_escrow" title="Bogus escrow">Bogus escrow</a></li> <li><a class="mw-selflink selflink">Boiler room</a></li> <li><a href="/wiki/Bride_scam" title="Bride scam">Bride scam</a></li> <li><a href="/wiki/Charity_fraud" title="Charity fraud">Charity fraud</a></li> <li><a href="/wiki/Clip_joint" title="Clip joint">Clip joint</a></li> <li><a href="/wiki/Coin-matching_game" title="Coin-matching game">Coin-matching game</a></li> <li><a href="/wiki/Coin_rolling_scams" title="Coin rolling scams">Coin rolling scams</a></li> <li><a href="/wiki/Drop_swindle" title="Drop swindle">Drop swindle</a></li> <li><a href="/wiki/Embarrassing_cheque" title="Embarrassing cheque">Embarrassing cheque</a></li> <li><a href="/wiki/Exit_scam" title="Exit scam">Exit scam</a></li> <li><a href="/wiki/Extraterrestrial_real_estate" title="Extraterrestrial real estate">Extraterrestrial real estate</a></li> <li><a href="/wiki/Fiddle_game" class="mw-redirect" title="Fiddle game">Fiddle game</a></li> <li><a href="/wiki/Fine_print" title="Fine print">Fine print</a></li> <li><a href="/wiki/Foreclosure_rescue_scheme" title="Foreclosure rescue scheme">Foreclosure rescue scheme</a></li> <li><a href="/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud">Foreign exchange fraud</a></li> <li><a href="/wiki/Fortune_telling_fraud" title="Fortune telling fraud">Fortune telling fraud</a></li> <li><a href="/wiki/Gem_scam" title="Gem scam">Gem scam</a></li> <li><a href="/wiki/Get-rich-quick_scheme" title="Get-rich-quick scheme">Get-rich-quick scheme</a></li> <li><a href="/wiki/Green_goods_scam" title="Green goods scam">Green goods scam</a></li> <li><a href="/wiki/Hustling" title="Hustling">Hustling</a></li> <li><a href="/wiki/Indian_coal_allocation_scam" title="Indian coal allocation scam">Indian coal allocation scam</a></li> <li><a href="/wiki/IRS_impersonation_scam" title="IRS impersonation scam">IRS impersonation scam</a></li> <li><a href="/wiki/Scams_in_intellectual_property" title="Scams in intellectual property">Intellectual property scams</a></li> <li><a href="/wiki/Kansas_City_Shuffle" title="Kansas City Shuffle">Kansas City Shuffle</a></li> <li><a href="/wiki/Locksmith_scam" title="Locksmith scam">Locksmith scam</a></li> <li><a href="/wiki/Long_firm_fraud" title="Long firm fraud">Long firm</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Mock_auction" title="Mock auction">Mock auction</a></li> <li><a href="/wiki/Moving_scam" title="Moving scam">Moving scam</a></li> <li><a href="/wiki/Overpayment_scam" title="Overpayment scam">Overpayment scam</a></li> <li><a href="/wiki/Patent_safe" title="Patent safe">Patent safe</a></li> <li><a href="/wiki/Pig_in_a_poke" title="Pig in a poke">Pig in a poke</a></li> <li><a href="/wiki/Pigeon_drop" title="Pigeon drop">Pigeon drop</a></li> <li><a href="/wiki/Pork_barrel" title="Pork barrel">Pork barrel</a></li> <li><a href="/wiki/Pump_and_dump" title="Pump and dump">Pump and dump</a></li> <li><a href="/wiki/Redemption_movement" title="Redemption movement">Redemption/A4V schemes</a></li> <li><a href="/wiki/Reloading_scam" title="Reloading scam">Reloading scam</a></li> <li><a href="/wiki/Return_fraud" title="Return fraud">Return fraud</a></li> <li><a href="/wiki/Salting_(confidence_trick)" title="Salting (confidence trick)">Salting</a></li> <li><a href="/wiki/Shell_game" title="Shell game">Shell game</a></li> <li><a href="/wiki/Sick_baby_hoax" title="Sick baby hoax">Sick baby hoax</a></li> <li><a href="/wiki/SIM_swap_scam" title="SIM swap scam">SIM swap scam</a></li> <li><a href="/wiki/Slavery_reparations_scam" title="Slavery reparations scam">Slavery reparations scam</a></li> <li><a href="/wiki/Spanish_Prisoner" title="Spanish Prisoner">Spanish Prisoner</a></li> <li><a href="/wiki/SSA_impersonation_scam" title="SSA impersonation scam">SSA impersonation scam</a></li> <li><a href="/wiki/SSC_Scam" title="SSC Scam">SSC Scam</a></li> <li><a href="/wiki/Strip_search_phone_call_scam" title="Strip search phone call scam">Strip search phone call scam</a></li> <li><a href="/wiki/Swampland_in_Florida" title="Swampland in Florida">Swampland in Florida</a></li> <li><a href="/wiki/Tarmac_scam" title="Tarmac scam">Tarmac scam</a></li> <li><a href="/wiki/Technical_support_scam" title="Technical support scam">Technical support scam</a></li> <li><a href="/wiki/Telemarketing_fraud" title="Telemarketing fraud">Telemarketing fraud</a></li> <li><a href="/wiki/Thai_tailor_scam" title="Thai tailor scam">Thai tailor scam</a></li> <li><a href="/wiki/Thai_zig_zag_scam" title="Thai zig zag scam">Thai zig zag scam</a></li> <li><a href="/wiki/Three-card_monte" title="Three-card monte">Three-card monte</a></li> <li><a href="/wiki/Trojan_horse_(business)" title="Trojan horse (business)">Trojan horse</a></li> <li><a href="/wiki/Wash_trading" class="mw-redirect" title="Wash trading">Wash trading</a></li> <li><a href="/wiki/White_van_speaker_scam" title="White van speaker scam">White van speaker scam</a></li> <li><a href="/wiki/Work-at-home_scheme" title="Work-at-home scheme">Work-at-home scheme</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Internet_fraud" title="Internet fraud">Internet scams</a> and<br />countermeasures</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Avalanche_(phishing_group)" title="Avalanche (phishing group)">Avalanche</a></li> <li><a href="/wiki/Pig_butchering_scam" title="Pig butchering scam">Pig Butchering</a></li> <li><a href="/wiki/Carding_(fraud)" title="Carding (fraud)">Carding</a></li> <li><a href="/wiki/Catfishing" title="Catfishing">Catfishing</a></li> <li><a href="/wiki/Click_fraud" title="Click fraud">Click fraud</a></li> <li><a href="/wiki/Clickjacking" title="Clickjacking">Clickjacking</a></li> <li><a href="/wiki/Cramming_(fraud)" title="Cramming (fraud)">Cramming</a></li> <li><a href="/wiki/Category:Cryptocurrency_scams" title="Category:Cryptocurrency scams">Cryptocurrency scams</a></li> <li><a href="/wiki/Cybercrime" title="Cybercrime">Cybercrime</a></li> <li><a href="/wiki/CyberThrill" title="CyberThrill">CyberThrill</a></li> <li><a href="/wiki/DarkMarket" title="DarkMarket">DarkMarket</a></li> <li><a href="/wiki/Domain_name_scams" class="mw-redirect" title="Domain name scams">Domain name scams</a></li> <li><a href="/wiki/Email_authentication" title="Email authentication">Email authentication</a></li> <li><a href="/wiki/Email_fraud" title="Email fraud">Email fraud</a></li> <li><a href="/wiki/Internet_vigilantism" title="Internet vigilantism">Internet vigilantism</a></li> <li><a href="/wiki/Lenny_(bot)" title="Lenny (bot)">Lenny anti-scam bot</a></li> <li><a href="/wiki/Lottery_scam" title="Lottery scam">Lottery scam</a></li> <li><a href="/wiki/PayPaI" title="PayPaI">PayPai</a></li> <li><a href="/wiki/Phishing" title="Phishing">Phishing</a></li> <li><a href="/wiki/Referer_spoofing" title="Referer spoofing">Referer spoofing</a></li> <li><a href="/wiki/Ripoff_Report" title="Ripoff Report">Ripoff Report</a></li> <li><a href="/wiki/Rock_Phish" title="Rock Phish">Rock Phish</a></li> <li><a href="/wiki/Romance_scam" title="Romance scam">Romance scam</a></li> <li><a href="/wiki/Russian_Business_Network" title="Russian Business Network">Russian Business Network</a></li> <li><a href="/wiki/SaferNet" title="SaferNet">SaferNet</a></li> <li><a href="/wiki/Scam_baiting" title="Scam baiting">Scam baiting</a> <ul><li><a href="/wiki/419eater.com" title="419eater.com">419eater.com</a></li> <li><a href="/wiki/Jim_Browning_(YouTuber)" title="Jim Browning (YouTuber)">Jim Browning</a></li> <li><a href="/wiki/Kitboga_(streamer)" title="Kitboga (streamer)">Kitboga</a></li> <li><a href="/wiki/Scammer_Payback" title="Scammer Payback">Scammer Payback</a></li></ul></li> <li><a href="/wiki/ShadowCrew" title="ShadowCrew">ShadowCrew</a></li> <li><a href="/wiki/Spoofed_URL" title="Spoofed URL">Spoofed URL</a></li> <li><a href="/wiki/Spoofing_attack" title="Spoofing attack">Spoofing attack</a></li> <li><a href="/wiki/Stock_Generation" title="Stock Generation">Stock Generation</a></li> <li><a href="/wiki/Voice_phishing" title="Voice phishing">Voice phishing</a></li> <li><a href="/wiki/Reputation_management" title="Reputation management">Website reputation ratings</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Pyramid_scheme" title="Pyramid scheme">Pyramid</a> and<br /><a href="/wiki/Ponzi_scheme" title="Ponzi scheme">Ponzi schemes</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aman_Futures_Group" class="mw-redirect" title="Aman Futures Group">Aman Futures Group</a></li> <li><a href="/wiki/Bernard_Cornfeld" title="Bernard Cornfeld">Bernard Cornfeld</a></li> <li><a href="/wiki/Caritas_(Ponzi_scheme)" title="Caritas (Ponzi scheme)">Caritas</a></li> <li><a href="/wiki/Dona_Branca" title="Dona Branca">Dona Branca</a></li> <li><a href="/wiki/Earl_Jones_(investment_advisor)" title="Earl Jones (investment advisor)">Earl Jones</a></li> <li><a href="/wiki/Ezubao" title="Ezubao">Ezubao</a></li> <li><a href="/wiki/Foundation_for_New_Era_Philanthropy" title="Foundation for New Era Philanthropy">Foundation for New Era Philanthropy</a></li> <li><a href="/wiki/Franchise_fraud" title="Franchise fraud">Franchise fraud</a></li> <li><a href="/wiki/High-yield_investment_program" title="High-yield investment program">High-yield investment program (HYIP)</a></li> <li><a href="/wiki/Investors_Overseas_Service" title="Investors Overseas Service">Investors Overseas Service</a></li> <li><a href="/wiki/Kapa_investment_scam" class="mw-redirect" title="Kapa investment scam">Kapa investment scam</a></li> <li><a href="/wiki/Kubus_scheme" title="Kubus scheme">Kubus scheme</a></li> <li><a href="/wiki/Madoff_investment_scandal" title="Madoff investment scandal">Madoff investment scandal</a></li> <li><a href="/wiki/Make_Money_Fast" title="Make Money Fast">Make Money Fast</a></li> <li><a href="/wiki/Matrix_scheme" title="Matrix scheme">Matrix scheme</a></li> <li><a href="/wiki/MMM_(Ponzi_scheme_company)" title="MMM (Ponzi scheme company)">MMM</a></li> <li><a href="/wiki/Petters_Group_Worldwide" title="Petters Group Worldwide">Petters Group Worldwide</a></li> <li><a href="/wiki/Pyramid_schemes_in_Albania" title="Pyramid schemes in Albania">Pyramid schemes in Albania</a></li> <li><a href="/wiki/Reed_Slatkin" title="Reed Slatkin">Reed Slatkin</a></li> <li><a href="/wiki/Saradha_Group_financial_scandal" title="Saradha Group financial scandal">Saradha Group financial scandal</a></li> <li><a href="/wiki/Secret_Sister" title="Secret Sister">Secret Sister</a></li> <li><a href="/wiki/Scott_W._Rothstein" title="Scott W. Rothstein">Scott W. Rothstein</a></li> <li><a href="/wiki/Stanford_Financial_Group" title="Stanford Financial Group">Stanford Financial Group</a></li> <li><a href="/wiki/Welsh_Thrasher_faith_scam" title="Welsh Thrasher faith scam">Welsh Thrasher faith scam</a></li> <li><a href="/wiki/WinCapita" title="WinCapita">WinCapita</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_con_artists" title="List of con artists">Con artists</a></li> <li><a href="/wiki/List_of_confidence_tricks" class="mw-redirect" title="List of confidence tricks">Confidence tricks</a></li> <li><a href="/wiki/List_of_criminal_enterprises,_gangs,_and_syndicates" title="List of criminal enterprises, gangs, and syndicates">Criminal enterprises, gangs and syndicates</a></li> <li><a href="/wiki/List_of_impostors" title="List of impostors">Impostors</a></li> <li>In the media <ul><li><a href="/wiki/Confidence_tricks_in_film_and_television" title="Confidence tricks in film and television">Film and television</a></li> <li><a href="/wiki/Confidence_tricks_in_literature" title="Confidence tricks in literature">Literature</a></li></ul></li> <li><a href="/wiki/List_of_Ponzi_schemes" title="List of Ponzi schemes">Ponzi schemes</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Boiler_room_(business)&oldid=1245649779">https://en.wikipedia.org/w/index.php?title=Boiler_room_(business)&oldid=1245649779</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Direct_marketing" title="Category:Direct marketing">Direct marketing</a></li><li><a href="/wiki/Category:Stock_market" title="Category:Stock market">Stock market</a></li><li><a href="/wiki/Category:Telemarketing" title="Category:Telemarketing">Telemarketing</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:Articles_lacking_in-text_citations_from_January_2014" title="Category:Articles lacking in-text citations from January 2014">Articles lacking in-text citations from January 2014</a></li><li><a href="/wiki/Category:All_articles_lacking_in-text_citations" title="Category:All articles lacking in-text citations">All articles lacking in-text citations</a></li><li><a href="/wiki/Category:All_articles_with_unsourced_statements" title="Category:All articles with unsourced statements">All articles with unsourced statements</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_May_2022" title="Category:Articles with unsourced statements from May 2022">Articles with unsourced statements from May 2022</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_May_2022" title="Category:Articles needing additional references from May 2022">Articles needing additional references from May 2022</a></li><li><a href="/wiki/Category:All_articles_needing_additional_references" title="Category:All articles needing additional references">All articles needing additional references</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_November_2018" title="Category:Articles with unsourced statements from November 2018">Articles with unsourced statements from November 2018</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 14 September 2024, at 08:01<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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