These scams have been directed towards banks, charities, individuals, and companies which seek payment on the fraudulent securities.

These led to the conviction of more than 18 fraudulent securities and commodities telemarketers in six states and the District of Columbia, who had netted nearly $200 million, prosecutors said.

To persuade his listeners to invest in the fraudulent securities, Mr. Bloch relied on the trust he had developed among his listeners over more than 15 years on radio.

Finding employment with Arnold Rothstein, Kastel oversaw Rothstein's numerous "bucket shops", an early telemarketing scam selling fraudulent securities.

He did not sell Japanese securities, fraudulent or otherwise, he says, nor did he have business dealings with the people who did.

While acquitting Mr. Schlei on eight felony counts, it convicted him of conspiring to sell fraudulent securities and of fraud.

Poor devil - all his fortune is in those fraudulent securities.

As an investment banker, Greene is mainly remembered for his sales of millions of dollars of the fraudulent securities of the Swedish match king, Ivar Kreuger.

These scams have been directed at banks, charities, companies, and even individuals, by individuals or organizations seeking payment on the fraudulent securities.

Left to their own devices, it is alleged, businessmen would attempt to sell unsafe food and drugs, fraudulent securities, and shoddy buildings.