BOILER rooms

Financial graduates and junior bankers looking for work have been warned about signing up to work for bogus brokerages. Better known as 'boiler-rooms' the scam involves talking people into buying worthless stock. Sometimes the shares don't even exist or are propped up by the fraudsters trading shares with eachother in a practice known as 'pump and dump.' The Serious Fraud Office in London warned graduates that the moment they suspect their employers are crooks they have to report it to the authorities. If they ignore their suspicions and continue working then they become part of the scam. Sales people can earn thousands of euros for one successful deal so the temptation is there. The con-artists will also be looking to recruit website specialists and IT experts to support their operations. The advice is to make sure the recruiting company is legitimate before signing up. Check out my previous post on Paul Robert Gunter.