Twenty years after Jordan Belfort and his Stratton Oakmont Inc. defrauded investors out of more than $200 million from its offices on Long Island — a story retold in the movie “The Wolf of Wall Street” — New York’s financial district has become a hub for veterans of defunct boiler rooms who use decades-old scripts to pressure investors into speculative trades, more than 40 current and former brokers said in interviews…Today, computerized records make it easier for regulators to unravel fraud. The federal do-not-call list, established in 2003, has both limited phone solicitation and made it less socially acceptable. Most people know they can trade stocks online for about $10 and want to look up a brokerage on Google before sending money, the brokers said…That doesn’t stop brokers from trying. Armed with only the names of business owners on index cards, trainees call, tout their Wall Street addresses and say their boss will call back with one good stock tip. Hundreds of people hang up for each one willing to listen to the pitch, brokers said. “There could be days when you’re dialing nonstop, and nothing,” said Jorge Ferreira, 40, a broker at Blackwall. [Bloomberg]

Comments (13)

  1. Posted by Shaz's beard | January 30, 2014 at 3:04 PM

    Don't pitch the bitch

  2. Posted by mrp | January 30, 2014 at 3:04 PM

    40 years old and hanging out at Suspenders calling yourself a "broker" is the NKI

  3. Posted by Guesting | January 30, 2014 at 3:19 PM

    I'll be he's got the " 2 RIP" license plate on his sebring…

  4. Posted by El Blumpkin | January 30, 2014 at 3:35 PM

    I bench press pieces of breakfast like you for shit!

  5. Posted by Correct | January 30, 2014 at 3:39 PM

    $6 Chicken and Rice from the Greek couple on Wall St is the NKI

  6. Posted by 4NICK8 | January 30, 2014 at 3:39 PM

    Wrong.

  7. Posted by Barry | January 30, 2014 at 4:34 PM

    Boy oh boy, do I have the offer of a lifetime for you. It's this great new investment, and you're one of the first to know about it! It's called a MyRA, and it offers a great return with NO risk! How many can I put you down for?

  8. Posted by UBS Sucks guy | January 30, 2014 at 4:45 PM

    15 grand a month? Sign me up

    – UBS Head of FICC

  9. Posted by Guest | January 30, 2014 at 4:57 PM

    Those were the days

    - Frank Reynolds

  10. Posted by Guest | January 30, 2014 at 4:58 PM

    Well, its about $8 in midtown.

  11. Posted by St. Copious | January 30, 2014 at 5:30 PM

    There's actually a logic to it. If you're making hundreds of calls a day you don't want to waste time pitching a crap penny stock to someone who has any trace of financial sophistication. So immediately identify yourself by a suspicious and anachronistic title – broker – and get the time wasters to self select and hang up on you immediately. Anyone who will keep listening can probably be reeled in.

  12. Posted by UBS Lunch Quant | January 30, 2014 at 6:24 PM

    Not at Uncle Gussy's

  13. Posted by MacCBOE | January 30, 2014 at 7:20 PM

    correction: Sebring Convertible