boiler room

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boiler room

n.
1. An area, as in a building or on a ship, that houses one or more steam boilers or hot-water tanks.
2. Informal A room equipped with telephones for making cold calls usually involving high-pressure or fraudulent sales pitches.

boiler room

n
1. (General Engineering) any room in a building (often in the basement) that contains a boiler for central heating, etc
2. (Mechanical Engineering) the part of a steam ship that houses the boilers and furnaces
3. (Industrial Relations & HR Terms) the room or department in which the real work of an organization goes on unseen
4. (Industrial Relations & HR Terms) (chiefly US) an office used by a team of telephone salespeople, esp of stocks and shares, operating under high pressure
5. (Law)
a. a fraudulent scheme in which investors are encouraged to buy non-existent, worthless, or over-priced shares
b. (as modifier): a boiler-room scam.
6. (Stock Exchange)
a. a fraudulent scheme in which investors are encouraged to buy non-existent, worthless, or over-priced shares
b. (as modifier): a boiler-room scam.
References in periodicals archive ?
construction of a boiler room operating on mw (wood chips) with the transfer of loads from two inefficient boiler rooms using natural gas as fuel 1 object (s), 200 000 byn
"This combination makes them perfect for boiler rooms," said Chris Lang of the website REDD Monitor, which investigates emission reduction projects.
The FSA have received around 4000 calls from people who have been contacted by boiler rooms so far this year.
"They have been able to get away with their criminal activity by basing themselves overseas, but hopefully this case will have repercussions for other boiler rooms still operating in Spain." It is estimated by the FSA that share fraud costs the UK around pounds 200m a year, with victims losing an average of pounds 24,000 each.
City regulators and professional bodies are joining forces to warn UK stock market-listed companies to help protect their shareholders from boiler rooms by sending them warnings about the scam.
The boiler rooms often vanish leaving investors out of pocket, and because they are based outside of the UK, the FSA is usually unable to shut them down, while investors do not qualify for compensation.
The arrests follow an FSA investigation into Universal Management Services (UMS), which the FSA believes is taking payments on behalf of overseas "boiler rooms."
Boiler rooms are not regulated or authorised by the Financial Services Authority (FSA), they act as illegal brokers facilitating and promoting the sale of shares in the UK.
The centre in Woolton, south Liverpool, is one of a network of Boiler Rooms being set up around the world under the Salvation Army's 24/7 project.
Village Green features 32 boiler rooms feeding 1,168 units, with an average distance from the heater to the unit of 250 feet.
To put today's problem into perspective, one must examine how illegal telemarketing operations, called "boiler rooms," operate and how they developed.
Usually operating out of low-rent offices called "boiler rooms' or "bucket shops,' the con artists behind telephone frauds use the same kinds of carefully crafted scripts, the same phone call technology that honest telemarketers do.