Forbes Magazine – December 24, 2013
The practice of telephone-initiated sales, or “cold-calling,” is sure to get an even blacker eye with the upcoming release of the highly anticipated Martin Scorsese film The Wolf of Wall Street.
The movie is based on the boiler-room-fueled pump-and-dump adventures of Jordan Belfort and his brokerage firm Stratton Oakmont. The real-life Belfort, as detailed in his two autobiographical books, urged his army of inside sales reps to incessantly pound the phones as they duped investors into buying stocks Stratton Oakmont held a position in. When the price rose, the company would sell its holding at a huge profit, leaving unsuspecting customers with worthless paper and egg on their faces.
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