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Articles Posted in boiler rooms

In May of this year, a New York City jury convicted a man known as “Mr. T” for running a boiler room operation that defrauded dozens of American and Canadian victims. Of course, the defendant was not the famed actor. Instead, it was another man, Robert Lenard Booth. But the confusion over his name is worth noting because it’s related to Booth’s boiler room scam.  Booth was convicted of securities fraud, wire fraud, and money laundering. He set up fake investment companies with names that were similar to real firms, to convince his victims they were investing with legitimate companies. Then, to seal the deal, he had his victims sign non-disclosure agreements and send money to accounts they believed were held by clearinghouses in New York, Hong Kong, and Singapore. But the firms were in fact boiler rooms located in New York, Panama, and Thailand, and clearinghouses were fronts for Thai money laundering operations.  Following his conviction, Booth faced up to 45 years in prison.In May of this year, a New York City jury convicted a man known as “Mr. T” for running a boiler room operation that defrauded dozens of American and Canadian victims. Of course, the defendant was not the famed actor. Instead, it was another man, Robert Lenard Booth. But the confusion over his name is worth noting because it’s related to Booth’s boiler room scam. Continue reading

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