Boiler room (business)
From The Art and Popular Culture Encyclopedia
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In business, the term boiler room refers to an outbound call center selling questionable investments by telephone. It typically refers to a room where salesmen work using unfair, dishonest sales tactics, sometimes selling penny stocks, private placements or committing outright stock fraud. The term carries a negative connotation, and is often used to imply high-pressure sales tactics and, sometimes, poor working conditions.
In popular culture
A fictional "boiler room" brokerage firm was dramatized in the 2000 film Boiler Room, and the play and film Glengarry Glen Ross show a similar boiler room operation selling real estate. The 2013 film The Wolf of Wall Street, starring Leonardo DiCaprio, also involves a boiler-room investment business.
See also
- Bucket shop
- Foreign exchange fraud
- Microcap stock fraud
- Pump and dump
- Stock dilution
- Boiler Room Girls
- Advisorshares
- Boiler Room (music broadcaster)
