Holston, Young, Parker and Assoc: That’s Russian For “Boiler Room”

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The FBI arrested seven members of an alleged Wall Street boiler room operation on Friday. Operating out of offices at 130 William Street, the ring is alleged to have bilked investors out of nearly $7 million in six months. Most of the money seems to have been sent to Russia and Cyprus.
It’s fascinating how these boiler rooms often get the WASP-iest of names. The operation here went under the name Holston, Young, Parker and Associates, even though it was allegedly run by a man named Vincent Armato and staffed by Boris Shuster, Larry Shuster, Alexander Dzedets, Victor Altman, Boris Tager, David Lozovsky, Adam Lichtenbaum and Edward Sharov. If you want to get unsophisticated investors to hand over their lifesavings, apparently its still better to do it under the guise of white Protestant respectability. Meanwhile, legitimate hedge funds, boutique investment banks and private equity shops seem to favor more creative names--like Amaranth, Evercore, Pirate Capital. There's a lesson here about how different social classes view America's traditionally dominate ethnic group. Go ahead and drop what you think it means in the comments below.
Gran-Ma Theft [New York Post]

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