Boiler Rooms and Chop Shops
My friend doesn’t have access to internet so I figured I’d ask for him. He’s curious if there are still boiler rooms/chop shops seeking out good brokers. Any chance?
Yeah what? Does your friend live in Vietnam or Iran or something?
Here is the website, go through the list of brokers not recognized to dial the UK. I was interviewed for a Bloomberg article years ago on chop shops.
https://www.fsa.go.jp/en/refer/cold/index.html
yes, there are plenty, just do a google search of bad brokers and you'll find em. worden capital, securities america, national securities corp, and I'd argue most insurance companies, while not boiler rooms, operate like chop shops: mass mutual, northwestern mutual, AXA, and more. most captive agents are as harmful to your financial health as smoking is to your physical health
While I agree, I believe chop shop usually refer to some pump a dump scheme
not all boiler rooms are pump and dump schemes, but all pump and dump schemes occur in boiler rooms. I'm specifically talking about firms whose profitability is dependent upon its agents using high pressure sales tactics to sell financial products of questionable value. whether that's penny stocks in a pump and dump scheme, whole life insurance, structured products, BS private placements, the client experience is the same.
I wish I knew all of the companies that did this so I could out them, I'd like to see em all locked up
Heard that douchebag Chris Varick at JT Marlin is looking for a junior analyst
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