A brief history of the Bangkok boiler room industry

[Fabricus]

This is a brief history of the boiler room industry that flourished in Bangkok from around the middle of 1999 until the FBI bust in July 2001.

If you don't have time to read what I'm about to write, check out this summary of the FBI raid from the BBC website, 26 July 2001:

http://news.bbc.co.uk/2/hi/asia-pacific/1458687.stm

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Perhaps I'll leave this thread for a few minutes to see what happens. It may be against forum rules to take things further. If the thread stays open, I'll continue.

Do note that while this is indeed a discussion of illegal activities, it is also a sort of "self-contained" history. It's all very much in the past.

[Fabricus]

So what exactly is a boiler room?

A boiler room is a high pressure telesales environment dedicated to selling bogus financial instruments or products. Most BKK environments were rented office spaces in or near Sukhumwit or Silom. Some companies were small and employed fewer than 20 people; other operators were huge. Kensington Asset Management, for example, maintained three offices in Soi Asoke and employed more than 400 people.

How did it all work?

Boiler rooms employed a team of Qualifiers (or Telephone Qualifiers or TQs). These people would cold-call potential investors in Australia and New Zealand. It was their job. They did it from 6am (BKK time) until about 3pm. A typical call would be as follows:

"removed"

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NEXT -- what was actually being sold?

[CharlieH]

Discussion Yes, "how to" not allowed.

Give you time to re-phrase, re approach or will have to close.

[Crazy chef 1]

Nice attempt...

[Agent Sumo]

These operations have had a new lease of life under the current military government.

Don't believe me? Take a look at Craigslist Thailand under Jobs -> sales/ biz dev

Blatant hawking of leads, openly recruiting staff

[Fabricus]

These operations have had a new lease of life under the current military government.

Don't believe me? Take a look at Craigslist Thailand under Jobs -> sales/ biz dev

Blatant hawking of leads, openly recruiting staff

Yes, I'm aware of this.

But my mini-history pertains to a time when things were more open. For example, back in 1999-2001 you could read The Nation or the Bangkok Post and see dozens of ads for TQs and/or openers.

Ads would openly state: "TQs needed; 200 USD p/w + 2% on new accounts" or "AOs wanted; 10% + 7% on loads".

Note: TQ = telephone qualifier; AO = account opener.

We used to reckon there were more than 25 boiler rooms operating in BKK at that time. The entire workforce would have amounted to several thousand people.

[CharlieH]

As stated, can be discussed but NOT as "how to", post removed and this thread is now

CLOSED.