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 ?
Friestad, associate director of the SEC's Enforcement Division, "The defendants allegedly used boiler rooms and high-pressure sales tactics to swindle seniors into investing their life savings in microcap securities they were secretly manipulating for their own profit.
DSI has been a niche supplier of boiler room maintenance and repair products, with emphasis on product for the Cleaver Brooks[R] boilers.
Officials said that the explosion occurred when an oxygen cylinder (which was used for repair) went off in the boiler room.
If you walk into a boiler room during the dead of winter and the boiler room is so hot that you have to remove your jacket, you have a serious waste condition.
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.
Tomorrow DI Geoff Smith will take a behind-the-scenes look at how a boiler room fraud works at an event hosted by the North East Fraud Forum.
According to the City of London Police, British investors are being tricked out of at least pounds 500 million a year by illegal boiler room share-pushers peddling virtually worthless stock.
Most important of all, a chimney automation systems eliminates spillage of carbon monoxide into the boiler room and neighbouring areas, thereby protecting the workforce from harm.
The historic building, immortalised by John Lennon's 1960s lyric, has been transformed into a prayer and meeting centre called the Boiler Room.
As with many large apartment complexes, each boiler room at Village Green includes a primary/secondary system with several multi-unit residential buildings on each loop.
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.