Boiler Room Schemes

A “Boiler Room Scheme” is a term that is used in a colloquial manner by New Jersey law enforcement to describe a series of actions which they would allege to be illegal. While accusations of being a participant in a boiler room may or may not be true, they should always be taken seriously because the criminal charges that can follow can result serious civil penalties and lengthy prison terms.  While you may know the truth as to whether or not you were participating in a boiler room scheme, if you are facing a complaint that you are allegedly operating a boiler room scheme, contact the skilled boiler room attorneys at The Blanch Law Firm a begin the fight to restore your name and protect your freedom.

What is a Boiler Room Scheme

A boiler room scheme involves high pressure sales being executed through the use of telephone banks and target at lists of potential investors. The reason that the scheme was called a boiler room was because they were commonly set up in empty boiler rooms and abandoned basements. A salesperson operating a boiler room scheme will usually sell a security or investment opportunity. Law enforcement will claim that such a security will have little to no value or will be linked to another illegal activity like a pump and dump stock scheme.

Criminal Charges

There are many criminal charges that someone who is accused of operating a boiler room scheme could be accused of. A list of common charges that arise from a criminal complaint regarding a boiler room can include but should not be limited to:

• Securities fraud
• Mail Fraud
• Wire Fraud
• Money Laundering
• Theft
• Investment Fraud
• Violations of The RICO Act

Asset Forfeiture

Businesses in New Jersey that are allegedly running boiler rooms schemes will often find their assets seized by the government after a criminal complaint has been made. The bank accounts of these businesses will be frozen as all such assets will be initially viewed as the proceeds of criminal actions. It is not unlikely that the assets of officers and employees such as bank accounts, real estate, and vehicles may also be seized at the same time. Often, the reason that such assets are seized is because they are seen as evidence of a crime, and to give a defendant access to such assets is to allow them to aid in their own defense.

The government will often seize assets first and worry about if they are truly the proceeds of criminal actions later. The effect that this can have on the lives of you and your family can be devastating as you are both facing the threat of a lengthy term in jail as well as the difficulty of having little to no income to support yourself and your family as you fight to clear your name. The boiler room attorneys at The Blanch Law Firm understand your struggle and know how to petition the court to grant you access to some of your assets.

Penalties

Though there is no specific anti-boiler room statute, the attorneys for the government have many other statutes at their disposal which they will try to use in order to secure a conviction. The penalties for such actions can be very severe and result up to 20 years in jail and a $1 million dollar fine for one charge. Recent outrage directed at defendants accused of enacting white collar crimes has led to aggressive prosecution of and harsh penalties for people convicted of such crimes. A common practice has been to run sentence for crimes consecutively, a practice that has resulted in criminal penalties as high as 800 years in jail for those convicted of white collar crimes.

The Blanch Law Firm Can Help

The white collar attorneys at The Blanch Law Firm know how to face off against the government and protect their clients from the harsh penalties that can accompany a criminal conviction. If you are facing accusations that you are operating a boiler room scheme you need an experienced white collar firm to protect your rights. Litigation in these matters is complex and needs to be fought by a team of skilled white collar attorneys. Contact the boiler room lawyers at The Blanch Law Firm today and begin the fight to restore your freedom and the reputation of your business.