One of the victims, 78-year old Joan Mayer, lost a six-figure sum.
"Discovering the fraud was shattering," she said in a written statement. "I was left feeling isolated and it is difficult to explain how humiliated I feel. My lifelong trust in people has been severely damaged."
Police said regular job seekers are sometimes enticed into working in boiler rooms when they're offered lucrative sales jobs in foreign countries. But in the end, many of those jobs turn out to involve cold calling people and selling worthless or non-existent investments.
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The 2013 Wolf of Wall Street film, based on the life of Jordan Belfort, depicts how a former broker played by actor Leonardo DiCaprio enlists an army of sales people to defraud investors out of hundreds of millions of dollars in the 1990s.
Belfort was sentenced to four years in prison in 2003 and ordered to pay over $110 million in restitution to his victims.
In all, investors lost roughly $250 million before the operation was shut down in 1996.