Boiler room

Boiler room

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

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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.

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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.