Boiler Room Brokers Wax Nostalgic For Days When Men Were Men And Conning People Out Of Money Was A Hell Of A Lot Easier

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]

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13 Responses to “Boiler Room Brokers Wax Nostalgic For Days When Men Were Men And Conning People Out Of Money Was A Hell Of A Lot Easier”

  1. Shaz's beard says:

    Don't pitch the bitch

  2. mrp says:

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

    • Correct says:

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

    • St. Copious says:

      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.

  3. Guesting says:

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

  4. El Blumpkin says:

    I bench press pieces of breakfast like you for shit!

  5. Barry says:

    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?

  6. UBS Sucks guy says:

    15 grand a month? Sign me up

    – UBS Head of FICC

  7. Guest says:

    Those were the days

    – Frank Reynolds