Loved the movie but never understood how he was “scamming people”
Wasn’t he just selling stocks?
In: 122
If you’d like to watch another movie along the same lines, I’d suggest “Boiler Room”. Same thing – guys who buy cheap stocks, pump up them up so they sound fabulous, load up on suckers who’ll buy them, and sell them the stocks at outrageous commissions and/or markups.
For example, say Joe Smith started a real firm, JS Scientific, trying to make money on some new scalpel. After the firm fails, these guys would buy up all the stock, maybe change the name, maybe not, and then make up a story about it, call their suckers, and unload the stock they bought for pennies for a couple of dollars a share.
I actually played pickup hockey for a couple of years with some guys who did this in Toronto. I asked once “How can you do that? Aren’t you just ripping people off?”, and the guy looked me at, completely honest: “If they’re so stupid as to buy stock over the phone from some guy who just called them up, they don’t deserve to keep their money.”.
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