Boiler Room (film)

In 1999, Seth Davis runs a successful casino from his apartment, catering to college students. His father, federal judge Marty Davis, views him as a disappointment for his illegal activities and dropping out of Queens College. Cousin Adam introduces his associate, Greg Weinstein who plays blackjack, and recruits Seth into J. T. Marlin, a brokerage firm off the Long Island Expressway, promising he will get rich.

Seth attends the firm's group interview. Co-founder Jim Young explains work expectations, and how to become a millionaire within three years. Their techniques include cold calling investors to sell stock. Seth starts as a stockbroker trainee, requiring forty accounts to close for Greg's team, and passing the Series 7 exam, before working independently. To motivate brokers, the firm throws lavish parties with women, gambling, drugs and alcohol. He quickly closes the required accounts, wins his father's grudging approval, and starts romancing secretary Abbie Halpert, Greg's ex-girlfriend.

Gradually, he learns J. T. Marlin (which legitimate brokers believe was named to mimic J. P. Morgan) is running pump and dump schemes to create artificial demand in the stock of expired or fake companies and speculative penny stocks. After "pumping" questionable or illegal stock, the founders sell and trade for legitimate stocks for record profits. Meanwhile, investors lose their money, having no one to sell shares to when prices plummet. FBI agents investigating the firm through phone taps, plan on turning Seth into their informant, while also pressuring Abbie for better results.

Seth passes his Series 7, becoming a broker. He calls Harry Reynard, purchasing manager for a gourmet food company. Initially reluctant, Harry invests after Seth lies about potential value, selling one-hundred shares at $8 each. When stock value drops, Harry asks what went wrong, but Seth persuades him to buy $50,000 more; Harry's life savings to purchase a house. After the stock tanks, Harry's wife Sara takes their children and leaves him.

Marty discovers the firm's "chop shop" disrepute and disowns Seth, accusing him of "destroying peoples' lives." Feeling guilty, Seth resolves to make the firm pay. Investigating further, he discovers the founders already prepared to abandon J. T. Marlin, destroy records, cut employee ties, and rebrand under a new firm, leaving victims to lengthy legal battles with little hope to recover their money. At Marty's office, Seth tearfully explains he closed his cardroom and only became a broker to gain his approval. He asks Marty to help with a scheme to rob the firm of $300,000 to bring them down and repay firm victims. His judgeship in jeopardy, Marty initially refuses, but later calls to reconcile and offer his help. The FBI record Marty's call with Seth, who is arrested for violating twenty-six SEC and NASD regulations. They offer immunity for Seth's testimony, but threaten to involve Marty, risking impeachment and disbarment. Seth refuses, asserting he will chose jail if his father is implicated. They come to an agreement; Seth is released after staying overnight.

Following FBI instructions, Seth copies evidence to floppy disk. To recover Harry's investment, Seth lies to firm founder Michael Brantley that Harry is "a whale" from which they will lose even more money if they don't placate him with 100,000 shares of their next IPO. Brantley agrees, with a caveat; Harry cannot sell until the firm sells their own shares. Seth double-crosses both Michael and Gregg by having senior broker Chris Varick sign Harry's sell ticket explaining, Chris could do one thing right before the firm is raided, ending their broker careers. Chris reluctantly agrees. The FBI arrives and raid the building as Seth leaves, wondering what to do with his life after severing ties with J. T. Marlin.

In interviews, Ben Younger said he was inspired to write the script for the film after going to a job interview at a Long Island-based brokerage firm that turned out to be a pyramid scheme.^[4][5] Younger said he used a speech given by a top broker to the would-be trainees as the model for the lecture the Jim Young character makes early in the film.^[4] Jordan Belfort, a former stockbroker and financial criminal who would write The Wolf of Wall Street, claimed that the movie was also loosely based on his rise and fall.^[6][7] Younger spent two years interviewing stockbrokers at boiler rooms, where callers aggressively peddle often fraudulent investments to consumers.^[4] Younger sold his script on the condition that he direct. Artisan Entertainment initially backed the production and helped bring actors Giovanni Ribisi, Vin Diesel, and Affleck to the project, but later backed out. New Line Cinema then stepped in for distribution.^[4]

Another ending for the film was also shot. In it, it follows many of the same beats, but shows Harry Reynard retrieving a gun from his garage after his family leaves him. Instead of the FBI pulling into the parking lot of J.T. Marlin, Harry Reynard pulls in, walking up to the entrance with a briefcase containing his gun. On his way, he bumps into Seth, dropping a bunch of papers. Neither man recognizes the other, as they've never seen each other in person. Seth helps gather his things and gives them back to Harry, before heading to his car. In a voiceover, he said he never got Harry back his money, but hopes he was able to buy that house.

The film opened in the United States on February 18, 2000, alongside Hanging Up, Pitch Black and The Whole Nine Yards, grossing $6.7 million on its opening weekend. Eventually, the film grossed $17 million domestically and $11.8 million in other territories, with a worldwide total of $28.8 million.^[2][8]

On Rotten Tomatoes the film has an approval rating of 66% based on reviews from 104 critics. The site's consensus is: "Its ending is disappointingly tidy, but Boiler Room boasts just enough sharp writing and brisk pacing to make getting there worthwhile."^[9] On Metacritic the film has a score of 63 out of 100 based on reviews from 34 critics, indicating "generally favorable" reviews^[10] Audiences surveyed by CinemaScore gave the film a grade C+ on scale of A to F.^[11]

Ribisi, Diesel & Long received
positive attention from critics

Multiple critics noted the film's echoes of other corporate greed films like Wall Street and Glengarry Glenn Ross.^[12][13][14] Malcolm Johnson of the Hartford Courant wrote "Affleck, the best-known actor in the ensemble, proves no match for Alec Baldwin of 'Glengarry,' who played a similar character in David Mamet's look at a phony real estate operation."^[13] He also said "the screenplay misses the verbal pyrotechnics of both [Oliver] Stone and Mamet."^[13] A. O. Scott of The New York Times wrote Giovanni Ribisi "captures Seth's man-child suavity as well as his childish sensitivity, and the sweetness underneath his cynicism", and "Nia Long brings wit and patience to the underwritten role of Marlin's receptionist and Seth's love interest, a black woman surrounded by white guys trying to act like homeboys."^[15] Vin Diesel was also cited as being one of the more "likable" characters at the brokerage firm.^[13][16]

Roger Ebert of the Chicago Sun-Times gave the film 3.5 out of 4 stars and wrote: "Has the high-octane feel of real life, closely observed."^[16] Emanuel Levy of Variety gave the film a mixed review and said while it "begins extremely well as a saga of greed and conspicuous consumption...it gradually loses its bite."^[17] Levy also praised Affleck for his performance.^[17] James Berardinelli of ReelViews gave it 3 out of 4 stars and called it "A compelling movie-going experience."^[18] Berardinelli praised the attention to detail and said the film achieves "the same sort of insight into stock brokering that Glengarry Glenn Ross offered into sales. In fact, this aspect of the film is what makes Boiler Room a compelling movie-going experience. The characters and plot become secondary to the setting and atmosphere."^[18]