Wall Street Attracts Chop Shops 20 Years After ‘Wolf'

When Paul Taboada ran Charles Morgan Securities Inc. at 120 Wall St., he set himself apart by wearing suits with the brokerage's name stitched into the pinstripes. He shut the firm amid an investigation by regulators and moved to Blackwall Capital Markets Inc. at 100 Wall St., where trainees call hundreds of strangers a day to pitch stocks. "What Wall Street does is it affords the common man participation in deals the institutions are doing," said Taboada, 49, who hasn't been sanctioned in either matter. Twenty years after Jordan Belfort and his Stratton Oakmont Inc. defrauded investors out of more than $200 million from its offices on Long Island -- a story retold in the movie "The Wolf of Wall Street" -- New York's financial district has become a hub for veterans of defunct boiler rooms who use decades-old scripts to pressure investors into speculative trades, more than 40 current and former brokers said in interviews.

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