SEC shuts down Los Angeles-based boiler room

“The SEC claims that Spyglass Equity Systems cold-called suckers and induced them to invest in co-defendants Flatiron Capital Partners and Flatiron Systems, which supposedly had ‘stock trading systems … based on algorithms or computer models,’” according to the Courthouse News Service. But none of that was really true. The SEC says the scam netted the defendants over $3 million after investors poured money into worthless investments.

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