Four Corners - Beyond The Boiler Room
Early in 2001 an international police squad burst into a bustling Bangkok office and arrested 80 mostly young western expatriates, including a group of Australians. The raid gave the world an inside look at the organised chaos of the boiler room. Those arrested had allegedly been part of an illegal broking operation in which they "cold called" potential investors with lures of fast money from glamour stocks.
Four Corners pieces together the Bangkok episode and tells how Australian investors have been conned out of millions of dollars by fast talking brokers in boiler rooms dotted around Asia. Four Corners follows the money trail to discover how the global economy can produce fraud on a global scale.
Reporter Stephen McDonell reveals that Asia's boiler rooms are money factories for slick American operators whose activities are conducted right under the noses of US market regulators. It appears the US regulators don't want to know about the scam, presumably because the victims aren't American. McDonell also looks at how some famous people are being used - wittingly or not - in the quest to fleece unwary investors.
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