boiler room


Also found in: Dictionary, Legal, Encyclopedia, Wikipedia.

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 ?
Five years previously, I worked on a similar project to Boiler Room and we were tied to venues that had a decent internet connection.
I feel comfortable in saying there will have been victims of boiler room fraud from the North East.
Our auditor practically had to strip to his underwear in the boiler room because it was so warm.
City of London Police Superintendent Bob Wishart said last month: "The people behind boiler rooms are heartless criminals, often exploiting elderly, vulnerable people by persuading them to buy worthless shares.
City watchdog the FSA recently launched an international campaign to crack down on boiler room operators and to educate consumers about the dangers of trading with them.
Gary Lacey, who will run the Boiler Room with his wife, fellow SA officer Dawn, said: "The final decision has not been made.
Also, a switch in pump model will most likely cut the maintenance time needed for each boiler room where they are installed, since there will be a fewer number of pumps needing attention.
No boiler room can prosper without a core base of victims and continuous new prospects.
The latter consisted of manip ulated footage of the artist's body as he slowly moved around in the restrictive, blue-lit confines of the gallery's underground boiler room.
1, 2001, was caused by a boiler room flue at did not vent properly.
NEW Boiler Room recruits are given specific instructions on how to entice unsuspecting share buyers.
His answer: "Films such as Boiler Room don't undermine or challenge capitalism as much as they further it.