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

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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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