Topic: Film Boiler Room Exposes Underbelly of Scams

By Sushuma on 2000-02-18 11:44:30

HOLLYWOOD (CNN)-Wall Street regulators are praising the new film "Boiler Room," saying that it performs a public service by exposing the world of stock scammers, the same kind of alleged con artists busted recently on Long Island. Prosecutors brought criminal charges earlier this month against 21 former managers and brokers at Sterling Foster & Co., a defunct Long Island company that specialized in small-company stocks. The firm's employees are accused of using high pressure, and false and misleading sales pitches to sell customers stock, in an attempt to artificially raise stock prices. The reward for the brokers was high: Prosecutors say the tactics gained them more than $200 million in illegal profits. It goes almost without saying that most stockbrokers are reaping the benefits of a booming stock market by legal means. But Boiler Room shows the dark side of all the fun the economy is having with the bull market. Out there among the legitimate brokerage firms are "chop shops," manipulating illegitimate stocks with high-pressure phone tactics, letting the little guy pay the very big bill. More ...

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