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The stocks were sold by more than 1,000 salesmen making cold calls and reading from sales scripts.
State officials immediately focused on a 1996 version of the Track, the sales script that the company's loan officers used in their dealings with customers.
He disliked the late shift, the confined atmosphere and the mynah-bird repetition of the sales script.
Certain companies developed sales scripts which guided salespeople to say only that the loan was "protected" without mentioning the nature or cost of the insurance.
Telephone sales teams daily insult the intelligence of thousands of potential customers, as they read at them from a prepared sales script.
"Just think," ran the sales script, "you'll leave for a two-week vacation and return, rested and relaxed, only a few seconds after you departed."
Lots of brokerage firms pump out memos, sales scripts and information sheets to rally the troops to sell a product, and Raymond James is no exception.
He created a sales force, called the "American Selling Force" which worked on commissions and followed a standard sales script, the "N.C.R. Primer."
Not every state approves of the telemarketing schemes, no matter how disguised they are - the fact that the call comes from a prison or a reform school is not part of the sales script.
Regulators in other states sought copies of that 1996 sales script, but First Alliance obtained a court order requiring Washington regulators to keep the document secret - an order that remains in place today.
In the case of the Piper trusts, Raymond James customers were told that they needn't worry because "as rates head up, so does your yield," according to a sales script distributed to Raymond James brokers.