boiler room

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Boiler room

Used to describe place or operation in which unscrupulous salespeople call and try to sell people speculative, even fraudulent securities.

Boiler Room

Informal; a place where workers make unsolicited telephone calls to completely unknown persons in an attempt to convince them to invest in a particular venture. Boiler rooms are controversial and some jurisdictions have put in place laws limiting their legitimate use. In any event, the term has a negative connotation; one often hears of boiler rooms in the context of shady and perhaps illegal investments.

boiler room

An area in a sales operation in which are located personnel who are engaged in contacting prospective buyers, usually by telephone, and in using high-pressure tactics to sell securities. These operations are associated with high commissions and unethical practices.

Boiler room.

A boiler room is a location used by con artists to contact potential victims out-of-the-blue -- an approach known as cold calling -- in an attempt to sell high-risk investments that may or may not be legitimate.

Boiler room scammers typically use high-pressure tactics to close an immediate sale and are unwilling to provide written information about either the investment they are pushing or themselves.

boiler room

A lead-generating system usually characterized by large groups of people working in cubicles making cold calls to consumers in order to gauge interest in real estate investments,insurance products, refinance offers, or any number of other products.The leads are then sold to professionals for follow-up. Sometimes,the boiler room operation also engages in high-pressure sales techniques, which has lead many states to pass legislation allowing a cooling off period within which to reject and void any contracts entered into as a result of such tactics.

References in periodicals archive ?
Operation: Desert Gold'' was based in San Francisco and Riverside, but they had a boiler room operating in Van Nuys as well, the SEC alleges.
In the entertaining Hollywood film, Boiler Room, 20-something millionaires are made overnight.
In reality, the boiler room will cold call UK investors to sell the shares at anything from 10% to 100% over and above the agreed price, take their fee and vanish.
The broker said it had recorded a worrying increase in the number of British investors being targeted by boiler room fraudsters.
Boiler rooms are not authorised by the FSA, and are based abroad outside our reach, so victims are not protected by the financial services compensation and complaints schemes.
Total quantity or scope: Delivery of solid fuels, including the deposit and settlement in landfills by boiler rooms.
A boiler room victim case study: The individual's name has been changed
Contract award: supply of light fuel oil during the heating season 2013-2014 to the boiler room located in the central school of the state fire service in czestochowa.
If like me you have had the misfortune to take a call from someone working for a US boiler room, you know that they make Frank Tyson look like Mary Poppins.
The RIA believes that the number of boiler rooms targeting British investors has shot up.
The National Union of Public Employees revealed yesterday that it is planning to ask its members operating the vital boiler rooms to stop work.
They have been able to get away with their criminal activity by basing themselves overseas, but hopefully this case will have repercussions for other boiler rooms still operating in Spain.