A successful boiler room fraud can create more than 1,000 victims along with damages exceeding 30 million Euros. Prevention of boiler room fraud is difficult because of its social engineering aspects. The current system of warnings is clearly not effective and the temptations, in combination with the persuasive power of boiler room salesmen, is strong.
This book may be able to help.
The author, Frans Roest, has been studying and analyzing boiler room fraud for many years. He describes the structure and the modus operandi of international boiler rooms and identifies red flags that warn us for this evil. Although this is not his first book on the topic, it is his first in English.
Because of his thorough understanding of the subject, he can address it in a structured and balanced manner. He describes the way in which sophisticated criminal organizations operate by plainly talking about sales persons, websites, phone calls, envelopes, etc. He does so effectively and without jargon, as the man in the street must be warned in a simple-to-understand manner.
This book may encourage monetary authorities and associated administrations to further improve the effectiveness of their warnings about boiler rooms. Future published cautions may not only disclose the identity of the company operating without license, but also its risk profile. Investors will be alerted when this profile ‘corresponds to their boiler room’.
Read a review of the book. (pdf)
By Leon Pörteners, MSc in Policing, Financial Investigator and Researcher
February 2018
“In my opinion, the author has succeeded in making this technical topic accessible to fraud auditors worldwide and to the greater public, especially to those who need it most: investors looking for a higher and safer return on their investments. Aren’t we all?”
Evert-Jan Lammers, Honorary Chairman of the Institute of Fraud Auditors Belgium – October 2017
“With financial fraud commonplace and increasing, efforts to combat this deplorable activity remain random and sparse. According to Mr. Roest, the time has come to change this. His ongoing efforts of providing the education and insights necessary to detect these crimes make him a true visionary and his recent publications and website clearly demonstrate his dedication to this monumental task. Government instances should take notice as he provides them with the ammunition to fight and perhaps even prevent the reprehensible activities of those who selfishly seek financial gain by victimizing helpless people.”
Hank Guichelaar – Longview, Texas – December 2017
“Boilerrooms zijn een ware plaag, een moderne vorm van piraterij. Geraffineerde criminelen toveren een schijnwereld op het computerscherm. Zij beroven zowel ervaren als onervaren beleggers van hun geld en sluizen dit snel door naar verre landen; de politie en de slachtoffers hebben het nakijken. In dit boek geeft Frans Roest, die jaren onderzoek heeft gedaan, een fascinerende inkijk in deze wereld. Wie het boek leest, zal er niet snel meer intrappen. Voor specialisten van politie, justitie en de bankwereld is er nog veel werk te doen om deze internationale praktijken aan te pakken.”
Mr Marius Hupkes, advocaat te Amsterdam – November 2017