Secretary of state Dean Heller has praised the movie "Boiler Room" for "shining the spotlight on a Wall Street criminal subculture that has stolen hundreds of millions of dollars from investors."
Heller said this motion picture that paints a picture of a fly-by-night brokerage firm will reach a far wider audience than securities regulators can.
Heller said firms like that depicted in the movie lure people into investing, charge them huge commissions, then sell when the "house stock" is inflated and take large profits for themselves.
"These boiler room operations are not investment houses," said Heller. "They are simply criminal enterprises that steal money by lying."
He said the movie will begin playing around the country this weekend and he thinks it will do a service by warning investors away from investment deals until they do research.
He said the secretary ofstate's office licenses investment professionals and registers securities offerings. Heller said information on brokers can be had by contacting the Securities Division of his office at (800) 758-6440.
