News: Cambodia’s Boiler Room Scammers

By | July 22, 2003

Cambodia has repatriated 20 foreigners arrested last week for their involvement in the country’s first telecom scam, CNET reports. They comprised 14 Britons, two Americans and several Australian, New Zealand, Thai and Philippine nationals. Operating out of Cambodia, the group had cold-called people all over the world using cheap Internet phone connections to lure them into investing in the London and Hong Kong stock markets. Cambodian officials said their passport records show they had also worked from neighboring Laos and Thailand.

This confidence trick has since been named “The Boiler Room scam” after a movie of the same name. The show, depicted “fly-by-night stockbrokers involved in shady dealings to rip off investors”, the report said. In the movie, after buyers would be convinced to buy into shakey firms on inflated or made-up claims. Given the number of Brits who call me suggesting I invest in some offshore fund, I’m kinda glad I politely decline them.

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