Boiler Room Guy Said He Was a Former SEC Employee

Boiler Room Guy was Said He Was a Former SEC Employee
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So, about the 10 dudes who were arrested yesterday for running a boiler room operation in Manhattan that swindled some elderly Florida folks out of $12 million. One of the guys arrested, Steven Kimmel, (no relation to Jimmy) told investors he used to work at the Securities and Exchange Commission. Now, we're not sure if this is BS or not and the SEC hasn't commented. We talked to a few veteran SEC folks who said they'd never heard of Kimmel. But the FBI did note it in its press release.

According to the Indictment unsealed today in Manhattan federal court:

KIMMEL is the owner and chief executive officer of a company called Realcast, which is based in Miami, Florida. Realcast was organized in 1999 for the purpose of providing live broadcasting and video on demand over the internet. Beginning in 2000, KIMMEL started selling shares in Realcast to the public and has continued to do so until the present. In various documents issued by Realcast, KIMMEL's biographical information included the fact that KIMMEL formerly was employed by the Securities and Exchange Commission ("SEC").

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