Boiler Room Managers


August 1, 2017

Type of alert:


The U.S. Attorneys Eastern District of New York recently charged fourteen people with conspiracy to commit securities fraud, conspiracy to commit wire fraud, conspiracy to commit money laundering, and substantive securities fraud in connection with stock manipulation of five publicly traded companies.

The defendants include: insiders of the manipulated public companies, Jeffrey Chartier, Stephanie Lee, Lawrence Isen, and Robert Gleckman; managers of My Street Research and its predecessors (the “Boiler Room”), Erik Matz and Ronald Hardy; Boiler Room cold-callers, Brian Heepke, Dennis Verderosa, Emin L. Cohen, Paul Ewer, McArthur Jean, and Sergio Ramirez; owner of Elite Stock Research (ESR) Anthony Vassallo; and owner of Accredited Investor Preview (AIP), Robert Gilbert. The government seized several of the defendants’ residences and bank accounts containing alleged criminal proceeds and automobiles purchased with alleged criminal proceeds.

According to nine-count indictment announcement on July 12, 2017, employees of the Boiler Room in Melville, New York obtained shares from insiders and marketers at National Waste Management Holdings, Inc., CES Synergies, Inc., Grilled Cheese Truck, Hydrocarb Energy Corporation, and Intelligent Content Enterprises, Inc. (together referred to as the “Manipulated Public Companies” in the announcement) at below-market prices through stock purchase and consulting agreements. Once obtained, the defendants allegedly engaged in manipulative trading patterns including wash and matched trades to drive up the price of shares and aggressively called and emailed victims—many of whom were senior citizens—to invest in the Manipulated Public Companies.

Specifically, between January 2014 and July 2017, the defendants and others allegedly engaged in a $147 million scheme to defraud the Manipulated Public Companies by artificially controlling the price and volume of traded shares through artificially generating price movements and trading volume in the shares and material misrepresentations and omissions in their communications with victim investors about the stock of these companies. According to the announcement, the defendants concealed their control of the shares by using the names of other individuals and entities. Finally, the announcement states that Chartier, Lee, Matz, Isen, and Hardy allegedly engaged in a scheme to launder over $14.7 million in proceeds of the stock manipulation schemes by transferring the proceeds from brokerage accounts that they and their co-conspirators controlled or by generating invoices to lend the appearance of legitimacy to the transactions.

Take the next steps to find out if you have a claim:

Step 1.

Talk to an Experienced Attorney Today

Call and speak to one of our attorneys* for a no-cost consultation to discuss your situation, answer your questions, and help you determine the next steps. This call usually takes about 15 minutes, but we are happy to talk to you as long as you would like!

Step 2.

Quick Review of Your Paperwork

If we think you might have a case, we will need to review a few basic documents. If we determine you have a case, then you will have the option to hire us as your attorneys to pursue it.

Step 3.

Signed Attorney/Client Agreement

If you decide to hire us to pursue your case, we will have you sign an attorney-client agreement so we can begin the process of trying to recover your losses.*

*In the vast majority of cases, our agreement is contingent – meaning you won’t owe us any money unless we recover money for you.

Request a Consultation

This site contains attorney advertising. The attorneys at ChapmanAlbin are licensed to practice law in Ohio and Michigan. Any reference to past cases or successes made herein should not be construed as a guarantee of any future outcome. Each client and each client’s case is unique, and no result or outcome is or can ever be guaranteed. The information provided in this website is offered for general information purposes only; it is not offered as and does not constitute legal advice in any way. // Disclaimer