The Law on Foreign Currency, the deciding factor, is obviously behind the times, since many Croats have real estate and securities abroad and many more want it. But - illegal is illegal. WSM's office is on the 3rd floor of the Zagrepcanka Building. Generally the people on the phone are taught psychological techniques to overcome resistance and are paid on commission. Most of these phone operators last an average of 3 weeks.
Penny stocks are one common product sold in boiler room operations.
These securities are in companies that do exist but are not big or liquid enough to be listed on major exchanges. Some Croatian stocks might qualify as penny stocks in ways, but the difference is that boiler rooms specialize in selling these illiquid and obscure equities to people who do not know, not professional investors like those on the Zagreb exchange. It is owned by a company called Wall Street Management Ltd. in Gibraltar. Our company has about 45 employees. Six of them are administration staff while the others are securities dealers.