Link to DOJ press release after sentencing: February 27, 2014 Boiler Room Operator Sentenced To 20 Years In Prison For Scamming Millions Of Dollars From Elderly Coin Collectors In All Fifty States The operation deceived more than 1300 people out of an estimated total of $30 million through his fraudulent coin operation. Warning: Some people may find descriptions of violence in the following articles: New York Times Article Oxygen Article Google search for "Joseph Romano coin fraud" if you want to find more information.
One very large dealer in the Boston area's biggest fear was for the Russian mafia to "make him an offer he couldn't refuse".
CNBC’s American Greed did a program on these low lives a few years ago. If you have the Peacock streaming service, you probably can find it.
Unfortunately many of the boiler rooms are on Long Island; of course the penny stock operations and other paper investments are the worst and most common, and it seems after getting burned by them some of the elders graduate to being ripped off by precious metal and "numismatic" frauds. Often they will try to sell precious metals then pull a switch with MS/PR70 fractional gold coins that are "great investments" because they are low mintage.
