Boiler Room

「炒股群組」所用的行騙手法，源於一種叫 Boiler Room 的騙局。何謂 Boiler Room？騙徒透過電話、電郵或社交媒體（例如：WhatsApp）聯絡受害人，用高壓手段推銷股票（可以是細價股或場外交易 OTC 的股票），亦可以是未上市的投資項目，又或者是其他投資產品（例如：債券、商品、外匯）。

騙徒會用高回報誘使受害人入局，告訴對方這是千載難逢的發達機會，而受害人不乏長者，有人被騙去終身積蓄之後自殺。騙徒會在類似 Call Centre 的地方撥出電話或發出推銷訊息，所說的對白來自組織所提供的劇本，所屬的犯罪組織有嚴密的分工或層級制度。由於騙徒的工作地點可以是悶熱的大廈地庫，再加上使用高壓手段推銷，不讓受害人有絲毫思考或做功課的餘地，所以叫 Boiler Room。

這種行騙手法有幾十年歷史，演變至今日，有時會配合其他服務業騙局使用（例如：預付式消費計畫）。由於科技發達，令通訊成本降低，發出訊息的騙徒可以是來自另一個國家或司法管轄區域（注意：很多電話騙案都是這樣），由於他們跟受害人身處不同的國家或司法管轄區域，令案件不易追查，監管機構以及警政單位要進行司法程序也有困難，過程中需要跨國合作或採取共同的行動，才能把騙徒繩之於法。

這種行騙手法，在影視作品中出現過不止一次，電影版有 The Wolf of Wall Street （港譯：華爾街狼人）和 Boiler Room。如果受害人購入騙徒所推介的股票，令股價大幅飆升，然後幕後玩家趁機出貨獲利，便是操控股價即是造市。這種玩法，是 Boiler Room 的變奏，在外國早有先例，請參考＜延伸閱讀＞部份提供的英文材料。

插圖來源：
https://www.fishmansecuritieslawyers.com/what-are-boiler-room-scams/

YouTube 精選:

The Wolf of Wall Street Aerotyne Phone Sale (4:38)
https://www.youtube.com/watch?v=nJzo5TDfamk
這是電影中的版本，大導演 Martin Scorsese（港譯：馬田史高西斯）聲演受害人。外國網民的留言：To anyone curious to know or doesn't already know, the voice of "John" on the other end of the line is the one and only Martin Scorsese.

Boiler Room - Original Theatrical Trailer (2:12)
https://www.youtube.com/watch?v=1OpL6kKui8Q
劇情：Seth Davis (Giovanni Ribisi) is recruited to join the city's newest and hottest stock brokerage firm, but he's about to learn the devastating secret behind all this intoxicating success.

延伸閱讀／參考資料：

Wikipedia - Boiler room (business)
https://en.wikipedia.org/wiki/Boiler_room_(business)
Extract: In business, the term boiler room refers to an outbound call center selling questionable investments by telephone. It usually refers to a room where salespeople 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.

The brokers of the boiler room actually "create" a market by attracting buyers, whose demand for the stock drives up the price; this gives the owners of the company enough volume to sell their shares at a profit, a form of pump and dump operation where the original investors profit at the expense of the investors taken in by the boiler room operation. In the 20th century, the U.S. Securities and Exchange Commission described boiler rooms as follows:

The brokers sat "cheek by jowl" in a room the size of a basketball court. All of their desks were lined up side by side in rows. The firm held mandatory sales meetings every morning at 8:30 a.m. at which time sales techniques were demonstrated and scripts for the firm's "house stock" … were distributed. Brokers were expected to follow the scripts and only give customers the information they contained. Some traits of a boiler room include presenting only good news about the stock to be sold, and discouraging outside research by customers or brokers working there. The International Journal of Law, Crime and Justice states that:

There is a fairly strict division of labour within the boiler room. At the bottom of the hierarchy are the ‘qualifiers’ who try to interest customers into making an investment. They may make unsolicited telephone calls and send out newsletters. Next are the ‘verifiers’ or ‘openers’ who call customers to make them more interested in the investment and their firm, win the confidence of the victim and sell them, perhaps initially, a small amount of shares.

In the late 1960s to the 1980s, boiler rooms sold municipal bonds to unsophisticated investors. These boiler rooms were located primarily in the southeastern United States, most notably Memphis, Tennessee and later Little Rock, Arkansas. The operators got the nickname "Bond Daddies." The operators would sell the bonds at inflated prices, substitute different bonds, mislead investors about the risks, or fail to deliver the bonds to the investor. In the 1990s, organized crime in New York City became involved in microcap stock fraud using boiler rooms.

Although many disappeared in the 1990s following the burst of the "dot-com bubble", many boiler rooms still operate across the world. Reductions in telecommunication costs mean that a company can viably operate in one country while calling prospective investors in another. The advantage of such an operation is that a company can operate without fear of prosecution from the investor's native legal system. For example, many boiler rooms contacting prospective investors in the United Kingdom operate from Spanish cities such as Barcelona and Valencia.

With the advent of the internet and the ability to create web sites easily without any regulatory involvement, as well as the ability to operate from other jurisdictions, boiler rooms have continued to operate into the 21st century. It is easy for scammers to set up a web site in one country, operate from another country and target victims in a third country, hiding their identity and making it difficult to trace them. Financial regulation varies significantly from country to country, and some countries deliberately promote low regulatory environments in order to attract financial business. This makes it easy for boiler rooms to use this to their advantage. Financial regulatory authorities in each country have significant difficulty enforcing rules on scammers in other countries. With low financial literacy by investors or victims (particularly in the increasingly complex ways that global financial markets operate), and without better coordination between financial regulators in different countries, boiler rooms continue to operate.

The 2013 film The Wolf of Wall Street, starring Leonardo DiCaprio, also involves a boiler-room investment business and is based on the memoir of convicted penny stock fraudster, Jordan Belfort, whose Stratton Oakmont brokerage house operated as a boiler room. A 2010 episode of the television series White Collar depicted fictional conman Neal Caffrey infiltrating a group of corrupt brokers also peddling inflated penny stocks.

Investopedia - Boiler Room
https://www.investopedia.com/terms/b/boilerroom.asp
Extract: What is a Boiler Room? A boiler room is a place or operation - usually a call center - where high-pressure salespeople call lists of potential investors ("sucker lists") to peddle speculative, sometimes fraudulent, securities. Sucker lists identify victims of previous scams. The term boiler room refers to an early practice of running such operations in the basement or boiler room of a building and is so called due to high-pressure selling. A broker using boiler-room tactics gives customers only positive information about the stock and discourages them from doing any outside research. Boiler room salespeople typically use catchphrases like "it's a sure thing" or "opportunities like this happen once in a lifetime." The North American Securities Administrators Association estimates that investors collectively lose $10 billion a year to investment fraud promoted over the telephone.

Most boiler room salespersons contact potential investors through cold calls. Some notable tactics include making claims that cannot be easily verified by the investor, demanding immediate payment, or issuing threats for noncompliance. Boiler-room tactics are sometimes used to convince investors to overspend on the purchase of securities that are actually of lower value. The securities may, in fact, be worthless or nonexistent, and the funds that are raised are solely for the enrichment of the individuals behind the operation. A variety of fraudulent scams may be run through boiler-room schemes. This can include binary options fraud, advance fee fraud, and microcap fraud. These schemes are no longer limited to basements and boiler-rooms; they can be maintained at a variety of locations, such as offices or private homes. Boiler-room salespeople may also solicit prospects through other means than phone calls. Electronic messaging, such as email, text messages, and social media can be used to initiate contact with the prospect.

Share Fraud and Boiler Room Scams Exposed
A research about worldwide boiler room share frauds
Frans Roest
https://www.boilerroomfraud.be/about-this-book/
2.0 Definitions and explanations
2.1 Boiler Room fraud
Extract: According to the U.S. SEC in a 1974 case “Boiler Room activity consists essentially of offering to customers securities of certain issuers in large volume by means of am intensive selling campaign through numerous salesman by telephone or direct order, without regard to the sustainability to the needs of the customer, in such a manner to induce a hasty decision to buy the security being offered without disclosure of the material facts about the issuer.” The definition “boiler room” is derived from the place (room) where trained salesman in call centers are at work and from where potential individual investors are contacted by phone or e-mail out of the blue. These individual investors are put under pressure into making a rushed decision and are purposefully misled so that they can invest in shares, financial values and commodity at prices far above their actual value. The frauds are well organized and convincing, with constantly evolving modus operandi. The types of share promoted tend to be those of unlisted companies at a pre-initial Public Offering (pre-IPO) stage, high-risk shares or shares in newly listed companies. When sold to investors, the shares are, at best, significantly overpriced and, at worst, worthless or untradeable.

Mr. Frans Roest FRA
The author of “Share Fraud and Boiler Room Scams Exposed”
https://www.linkedin.com/in/frans-roest-mr-rfa-0ba79823/

What are Boiler Room Scams
Fishman Investment Fraud Lawyers (October 3, 2018)
https://www.fishmansecuritieslawyers.com/what-are-boiler-room-scams/
Extract: As depicted in the popular movie Boiler Room, boiler room scams are expertly crafted schemes to unload non-existent shares or shares worth nothing on unknowing targets. If such shares exist, they typically have an elevated risk, prove unmarketable after initial acquisition and ultimately fetch the seller an inflated price. In reality, the company’s true value is much less than the amount touted in the sales pitch. In some cases, the shares and company are both non-existent. Some boiler room scammers will push hard up until you fork over a deposit at which time they will make a quick exit. Certain scams have evolved to the point that purchasers are contacted by fake buyers who claim they are willing to pay a lofty price only to convince the seller to pay a fee that leads to a dead end.

How to Identify a Boiler Room Scam. If you remain vigilant, you will have a better chance at identifying the true motives of your callers, emailers and other sales professionals. The first sign of a boiler room scam is a cold call that appears out of the blue. If you are not a regular customer of the company in question or if you have never done business with them, it is a cold call. Furthermore, if the business in question has a fancy name, it is a sign the person on the other end of the line is a fraudster under the guise of a name that sounds professional. Beware of overly formal and advanced job titles as such accolades are commonly used to impress targets. Pressure to Agree on the Spot is a Sign of Trouble. Boiler room scammers are notorious for attempting to force targets to buy in the moment. Scammers do not want you to hang up and think about making the purchase. If you are subjected to high pressure sales tactics that attempt to convince you to agree to terms on the spot or if you feel pressured to make a decision under pressure, excuse yourself from the discussion and do not fork over your money.

Wikipedia - Boiler Room (film)
https://en.wikipedia.org/wiki/Boiler_Room_(film)
Extract: Boiler Room is a 2000 American crime drama film written and directed by Ben Younger and starring Giovanni Ribisi, Vin Diesel, Nia Long, Ben Affleck, Nicky Katt, Scott Caan, Tom Everett Scott, Ron Rifkin, and Jamie Kennedy. The film was conceived when screenwriter Ben Younger interviewed for a job at brokerage firm Sterling Foster. Younger said, "I walked in and immediately realized, 'This is my movie.' I mean, you see these kids and know something is going on." The film was nominated for several awards including, Black Reel Awards 2001, Black Reel Awards 2001, British Independent Film Awards 2000, Deauville Film Festival 2000. Winner. Jury Special Prize, Film Independent Spirit Awards 2000.

Plot - In 1999, Seth Davis (Ribisi), a 19-year-old Queens College dropout, runs an unlicensed casino in his home near the campus, catering to college students. Although he earns a successful living, he is a disappointment to his father, Marty (Rifkin), a New York City federal judge. One night, his cousin Adam (Kennedy) stops by the casino to play blackjack, bringing a rich associate named Greg Weinstein (Katt) along with him. Greg recruits Seth to join J.T. Marlin, a brokerage firm based somewhere off the Long Island Expressway, promising him that he has the opportunity to get rich. Arriving at J.T. Marlin, Seth attends a group interview and learns from Jim Young (Affleck), one of the co-founders of the firm, what is expected of his work and also how he can become a millionaire. The firm's techniques of selling are through cold calling investors to sell stock, and Seth joins as a stockbroker trainee, having to close 40 accounts and pass a Series 7 Exam to begin working independently. The brokers love to quote insider trader Gordon Gekko from Wall Street, seeing him as a role model. He is soon making a good living, as well as winning his father's approval and embarking on a romance with Abbie Halpert (Long), a secretary and Greg's ex-girlfriend.

Hong Kong police detain 15 over multimillion-dollar manipulation of Next Digital stock after Jimmy Lai arrest, cite heavy losses for investors
South China Morning Post (Sept 10, 2020)
- Suspects accused of posting messages on social media to boost trading volume and attract other buyers
- As the price swung between 7.5 HK cents to nearly HK$2, alleged fraudsters raked in nearly HK$38.7 million in profit over three days
https://www.scmp.com/news/hong-kong/politics/article/3100969/hong-kong-police-arrest-more-10-accused-manipulating-next

Extract: Hong Kong police have arrested 15 people on suspicion of conspiracy to defraud and money laundering by manipulating shares of Next Digital, earning HK$38.7 million in profit, following the detention of founder Jimmy Lai Chee-ying under the national security law last month. Officers from the Narcotics Bureau’s financial investigations division made the arrests on Thursday, with one suspect, a 27-year-old jobless man, allegedly making HK$25 million (US$3.2 million) and another four each earning more than HK$1 million from the manipulation over three days. Police noted the share price varied widely over the period, from a low of 7.5 HK cents on August 10 to a high of HK$1.96 (25 US cents) the next day, before closing at 65 cents on August 12.

The 14 men and one woman, aged 22 to 53, made 13,200 transactions involving 1.69 billion shares, accounting for 23.8 per cent of the stock’s total turnover between August 10-12, according to bureau head Chung Wing-man. The shares in question were worth HK$1.5 billion. Chung said the force had reasonable grounds to believe the activities were not ordinary speculation, but rather an attempt to distort the market by boosting trade volume in hopes of attracting other buyers. “Investors have many reasons to invest in a particular stock,” Chung said. “But objectively speaking, it is very likely that some investors were attracted by the massive increase in trading volume. That’s why we have reasonable grounds to believe the arrested persons committed the offences.” Chung said that after the suspects created the illusion many people were trading, they would post on social media platforms to lure other investors, before selling at a high price. But one lawyer specialising in financial regulation said the city’s stock market watchdog, the Securities and Futures Commission (SFC), should be in charge of investigating the case. Neither police nor the SFC said whether the commission was involved.

SFC statement on Police investigation concerning Next Digital shares
11 Sep 2020
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR88
Extract: The Securities and Futures Commission (SFC) is issuing this statement in response to the numerous enquiries it has received following a press conference held by the Narcotics Bureau of the Hong Kong Police (Police) yesterday in relation to its investigation into the trading of the shares of Next Digital Limited (Next Digital). The Police indicated that it is investigating suspected conspiracy to defraud and money laundering – as well as potential false trading – in the shares of Next Digital. False trading is an offence under the market misconduct provisions of the Securities and Futures Ordinance (SFO). As the securities markets regulator in Hong Kong with a responsibility to investigate and enforce against breaches of the SFO, the SFC considers that it is in the public interest for it to clarify its position in relation to this matter.

Pursuant to a Memorandum of Understanding (MOU) between the Police and the SFC, both parties have committed to collaborate and cooperate to the fullest extent possible to perform their regulatory and enforcement functions effectively in relation to crimes or illicit activities relating to the securities and futures industry in Hong Kong (Note 1). The MOU contemplates the exchange and use of information, as well as other investigative assistance, where suspected criminality or misconduct falls within the functions of both the Police and the SFC. Investigation into market misconduct offences, such as false trading, often involves complex questions of law and evidence, as well as the need for expert evaluation in relation to securities market functioning, trading methods and investor behaviour. The SFC is ready to respond to any requests made by the Police under the MOU for this type of assistance in relation to any potential offences under the SFO.

《報導者》：【讀者投書】回應〈線上博弈員工變洗錢工具〉：
低薪悲歌讓台灣走向詐欺的金三角
https://www.twreporter.org/a/opinion-prosecutor-response-online-gambling-industry-money-laundering-head-account
節錄：「賭博詐欺」的投資詐騙，是透過私人傳送 LINE 訊息拉客人，告訴客人公司有厲害的老師可以操盤投資，獲利快速又高額的詐騙手法，表面上公司說是賭博或者虛擬幣、外匯、股票等投資，但事實上公司的設定就是客人不可能拿回任何投資款項。在網路的世界裡，過去的黑色社會開始當起小老闆做「代理」，傳統的組織方式不夠用，小黑道也開始向外找客人、找員工，開始以招募會計、助理的名義向外徵才；來應徵的人多半是失業或想兼職的中年男女，但漸漸地，竟也赫然看見名單上出現了知名大學畢業生，甚至是會計系畢業生，而學生說，自己也是同學介紹來做的。對黑道來說，賭博詐欺比過往的暴力討債好賺也較不容易被抓。過去這些人只存在「詐欺集團」的世界，現在透過鋪天蓋地的徵才廣告、隨機簡訊，則是人人都有機會可以參與的「詐欺產業」。

抓不盡的詐欺犯罪背後，看見社會底層低薪悲歌。在與被告、被害人的問答之中常發現，詐欺產業能夠肆無忌憚的擴張，多半都可歸咎到同一個原因：高工時、低薪水。從被害人的角度來看，因為辛苦只能糊口，只好相信虛無飄渺的「老師」給予高投報的希望；從被告的角度來看，日子辛苦但仍一無所有，寧可孤注一擲投身詐欺產業，至少過幾天、幾個月不必再被工時壓垮，可以直接領走一疊現金的時光。看著他們愁苦的身影來來回回在偵查庭之間，但或許在他們心中，這樣的來來回回，跟加入詐欺產業前躊躇於微薄的薪水、追不盡的債務之間相比，也沒有更辛苦多少吧。台灣正走向成為詐欺產業的金三角，而被無聲掏空的則是未來正當產業發展的競爭力。

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