Penny stocks are low-cost, high-risk securities, usually trading for less than $3 a share.

It was hugely stressful - "like buying a high-risk security" - as well as time-consuming, he said.

For a state pension fund to invest in high-risk securities is not unusual, many have a small allocation for aggressive bets.

Penny stocks are low-priced, high-risk securities that are not listed on any major exchanges.

The firm specializes in selling penny stocks, which are relatively inexpensive, high-risk securities issued by companies whose shares do not trade on the major exchanges.

Jobs involving the high-yield, high-risk securities known as junk bonds are also available, he said.

For years, financial records show, the firm joined forces with some of the industry's most notorious boiler rooms to sell high-risk securities known as penny stocks.

Still, junk bonds have not fully recovered from their near-collapse last fall, when investors fled from them and other high-risk securities.

Investors will be watching the "junk bond" market of high-yield, high-risk securities.

Only $1.4 billion of these high-yield, high-risk securities were issued, while $28 billion tumbled into default.