Ex-stockbroker Jordan Belfort has been convicted of fraud and is a best-selling author. It’s currently $100 million in the red for Jordan Belfort.
Jordan was the CEO of Stratton Oakmont, a financial corporation that operated pump-and-dump operations that robbed hundreds of millions of dollars from unwitting investors between 1989 and 1996. Belfort and Danny Porush, the firm’s co-founders, were charged in 1999 on charges of securities fraud and money laundering.
Both of them admitted their culpability. In exchange for their cooperation with the prosecution, their sentences were lowered.
A memoir titled “The Wolf of Wall Street” was published by Jordan in 2007. Martin Scorsese directed a cinematic adaptation starring Leonardo DiCaprio and titled The Wolf of Wall Street. In 2013, the film was released. The story of Jordan Belfort and his former financial business Stratton Oakmont was partially inspired by the 2000 film “Boiler Room.”
Jordan Belfort was never referred to as “the Wolf of Wall Street” during his time as a financial sleuth. He came up with the term while writing his memoir in prison. According to the movie, Jordan’s given name was given to him by a Forbes reporter in 1991. That’s not true.
The title of the Forbes article should have read “Steaks, Stocks — What’s the Difference?” instead. — a reference to the fact that Belfort worked as a Long Island steak and seafood delivery man before becoming a stockbroker.
“A warped Robin Hood who steals from the rich and donates to himself and his merry band of brokers,” the story later stated. His business style was also defined as “selling risky stocks on unwary investors” in the article mentioned earlier in this section.
Many of Jordan’s victims were not wealthy, and this was not depicted adequately in the film. It was a tight budget for them, and they couldn’t afford to lose the money they did.
Around $200 million was stolen from Jordan’s victims during his fake reign of terror. A restitution of $110 million was imposed on him by the court. Only $10 million has been reimbursed as of this writing. Because of this, he has a net worth of nothing.
July 9, 1962, was the date of Jordan Ross Belfort’s birth in The Bronx, New York. In Bayside, Queens, he was reared by a Jewish family. During the summer between high school and college, Belfort and a close buddy earned $20,000 selling Italian ice from coolers to beachgoers.
Belfort earned a bachelor’s degree in biology from American University. At the University of Maryland, he enrolled in dental school. An instructor told him being a dentist wasn’t a method to make money, so he dropped out after the first day of classes,
Belfort sold meat and seafood door-to-door on Long Island, New York. After starting out as a one-man operation, his meat-selling business quickly expanded to include a team of employees and reach weekly sales of 5,000 pounds of beef and fish. When he was 25, he filed for bankruptcy and obtained a position at L.F. Rothschild as a stockbroker trainee.
He was allegedly informed that masturbation, cocaine, and hookers were the keys to success by Belfort’s first boss. This company’s Black Monday stock market crisis in 1987 resulted in its termination.
This loss didn’t deter Belfort from his goal of becoming a successful stockbroker. In the late 1980s, Belfort worked for a number of financial firms, taking up all the knowledge he could. It was in 1989 that he decided to start his own company once he had honed his sales pitch.
Stratton Oakmont was established in the early 1990s by Belfort. In a boiler room, the business sells penny stocks. A pump and dump scheme was employed by Belfort to mislead his investors. At the height of Stratton Oakmont’s prosperity, Belfort employed more than 1,000 stockbrokers and over $1 billion under management.
The National Association of Securities Dealers, on the other hand, was hot on the trail of Stratton Oakmont’s Belfort family. The organization was keeping a careful eye on the business dealings of the company. The National Association of Securities Dealers booted Stratton Oakmont out of its membership in December 1996, and the firm went out of business as a result.
According to reports, Belfort deposited money in Swiss banks. In order to get the money into Switzerland, his mother-in-law and his wife’s aunt were involved. He reportedly hosted midget-tossing contests at his parties while operating Stratton Oakmont.
It was in 1999 that Belfort was indicted for fraud and money laundering. In exchange for a plea bargain with the FBI, he served out the last two years of a four-year sentence. Investors lost $200 million as a result of his financial misdeeds.
1998 saw the indictment of Belfort, who was accused of money laundering and fraud. He was sentenced to nearly two years in prison after being found guilty of securities fraud and money laundering.
Also, he had to give back $110 million of the $200 million he took from more than 1,500 clients. Of the $110 million he borrowed, he has barely repaid about $10 million so far.
Career as a Motivator
Belfort has reinvented himself as a motivational speaker. Global Motivation, Inc. Three weeks every month on the road giving speeches about business ethics and learning from failures. In the 1990s, he felt justified in breaching banking regulators’ laws because many others did.
A Belfort speaking engagement will cost between $30,000 and $75,000. A sales seminar with him costs up to $80,000. His remarks have earned mixed reactions, with some criticizing his allegations about breaking financial restrictions in the 1990s.
Belfort penned “The Wolf of Wall Street” and “Catching the Wolf of Wall Street,” which have been published in 40 countries and 18 languages. Leo DiCaprio, Jonah Hill, and Margot Robbie feature in “The Wolf of Wall Street.” Director Martin Scorsese In 2017, he published “Way of the Wolf: Become a Master Closer with Straight Line Selling.”
Belfort lived a luxurious lifestyle and frequently partied at Stratton. He also smoked methaqualone or quaaludes.
Stratton Oakmont divorced Belfort and his first wife Denise Lombardo. It lasted until 1991.
Tommy Chong, his prison cellmate, urged him to write “The Wolf of Wall Street.”
He married Nadine Caridi, a Brit, in 1991. a party they met Chandler and Carter were their children. They split in 2005 after she accused him of domestic abuse (possibly drug-fueled).
Belfort bought the 1961 luxury yacht Nadine, designed by Coco Chanel. In honor of his second wife, he renamed the boat The ship sank in June 1996 off Sardinia. The Italian Navy’s Special Forces rescued everyone on board. Belfort later acknowledged sailing the yacht in severe winds against the captain’s advice.
Belfort dated Anne Koppe in 1928. They married in 2015. They are still unmarried in 2020.
Likened to notorious Ponzi schemer Bernie Madoff
In “The Wolf of Wall Street,” Belfort appears briefly.
Bo Dietl, his former security chief, stated in an interview that he never saw Belfort sober and that he had strong ties to the mob.
Investing in Property
Belfort’s Long Island, New York mansion was seized by the federal government in 2001 and later auctioned to recoup part of Belfort’s fraud victims’ money. The house has changed hands countless times since then. It went on sale for $3.4 million in 2017. The price was reduced to $2.89 million in August 2018.