Securities Arbitration Lawyers BlogSEC Announces Charges in Massive Telemarketing Boiler Room Scheme Targeting Seniors
A Long Island-based cold-calling scam allegedly stole more than $10 million from clients
The Securities and Exchange Commission (SEC) recently brought charges against 13 defendants who allegedly operated two cold-calling investment scams in Long Island, NY. According to the complaint, the companies involved defrauded investors out of more than $10 million. The firms’ salespeople reportedly convinced clients to purchase a number of penny stocks while making a wide variety of outlandish and misleading claims about the investments themselves.