boiler room

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boiler room

n. a telephone bank operation in which fast-talking telemarketers or campaigners attempt to sell stock, services, goods, or candidates and act as if they are calling from an established company or brokerage. Often they are totally fraudulent and in violation of security laws.

boiler room

a type of fraud on investors by dishonest brokers who fill a room with high pressure telephone salespeople to push dubious stocks and shares. It is governed by FINANCIAL SERVICES LAW in the UK.
References in periodicals archive ?
Boiler-room crooks cold call individuals, pretending to be from fully authorised, regulated and licensed financial advisory firms.
Boiler-room crooks cold call individuals, pretending to be from fully authorised, regulated and licensed financial advisory firms trying to flog investments that are worthless, overpriced or even non-existent.
Alan Brown, chairman of the North East Fraud Forum, yesterday warned of the dangers of being taken in by boiler-room fraudsters.