Jordan R. Belfort born in the Bronx neighborhood of New York City on July 9, 1962) is a lecturer and former broker or stockbroker. Jordan Belfort Net Worth Is $100 Million. He is famous for having been accused and convicted of manipulation of the stock market, money laundering, and other crimes related to high finance.
Belfort has written two autobiographical novels, Catching the Wolf of Wall Street and The Wolf of Wall Street, turned into 18 languages, and published in more than 40 countries. In 2013 its history was taken to the cinema by the director Martin Scorsese in The Wolf of Wall Street, an adaptation of its memories.
First years Jordan Belfort was born in the Bronx, New York, in 1962. His parents, Leah and Max Belfort were accountants, although later his mother became a lawyer. Belfort and raised in a home Jew in Bayside, in the district of Queens in New York. 7 He studied and graduated in Biology from the American University.
According to Belfort, after finishing high school and until he started college, he and his close childhood friend, Elliot Loewenstern, sold Italian ice cream on a local beach, which they carried in portable coolers. Thanks to this work they earned about $ 20,000, which Belfort planned to use to pay for a dentist’s degree, so he enrolled briefly at the Baltimore College of Dental Surgery.
However, he left the institution when the dean of the institution told him that the golden age of dentistry was over. If you are here merely to try to get rich, you are in the wrong place.
Jordan Belfort Race
After graduating, Belfort began working as a home seller of meats and seafood in the area of Long Island, New York. Among his memories and later interviews, he would say that this business had an initial success: he managed to grow up to employ several workers and sell 5000 pounds (about 2250 kilograms) a week of meat and fish.
However, over time the business failed, and Belfort declared bankruptcy at 25 years. Belfort began his career as a stockbroker at LF Rothschild but was fired in 1988 due to the severe financial difficulties that the company started to have since the Black Monday of 1987, which would finally break.
Stratton Oakmont y frauds
In the 1990s, he founded, along with Danny Porush, the brokerage firm Stratton Oakmont, a company that operated as a boiler room that sold penny stocks and swindled fraudulent actions to investors. During his years as president of Stratton, Belfort led a convulsive lifestyle, with continuous parties and a strong addiction to drugs, highlighting methaqualone.
Stratton Oakmont came to employ more than 1,000 brokers and participated in the issuance of new shares worth more than $ 1 billion from some 35 companies, including a fraudulent IPO of footwear company Steve Madden Ltd. The notoriety achieved by the company since the late 1990s inspired the films Boiler Room (year 2000) and El Lobo de Wall Street (2013).
Financial regulator and Securities Commissioner for Alabama, Joseph Borg, formed a multi-state task force that led to Stratton’s prosecution after his office received constant complaints from clients of the firm. Belfort was accused in 1998 of securities fraud, money laundering, and stock market manipulation.
After collaborating with the FBI, he was imprisoned in federal prison for 22 months and sentenced by Pump and Dump, which resulted in a loss of 200 million dollars for investors. Belfort had to compensate 110.4 million to his former clients. Belfort met Tommy Chong in prison, who encouraged him to write his stories and publish them.
After his release from prison, their friendship remained. Federal prosecutors and SEC officials involved in the case argued that “Stratton Oakmont is not a true Wall Street firm either figuratively or literally.”
Jordan Belfort Compensation
According to the federal prosecutors and a sentence in 2003, Belfort continues to be obliged to return all that has been defrauded to its victims. The sentence forces him to pay 50% of his income to the 1513 clients he cheated. Of the 11.6 million dollars that have been recovered from their victims, 10.4 million come from the sale of properties seized from Belfort.
This means that Belfort has barely returned 10% of the 110.4 million that must be returned as compensation. In October 2013, several federal prosecutors filed a complaint against Belfort, accusing him of having returned only $ 243,000 in the last four years, when between 2009 and 2013 he had an income of $ 1,767,209 for the publication of his books, the sale of rights and $ 24,000 extra for their talks.
Prosecutors also testified in The Wall Street Journal that Belfort had fled to Australia to evade taxes and hide his assets from the victims, but later retracted these statements and issued an official apology. Belfort affirmed through his website that he intended to request “100% of the royalties” from his books and from the Scorsese film to deliver it to his victims. However, in June 2014, the spokesmen of the federal prosecutor’s office put their statements in question, claiming that, although he had received money for the sale of his rights to the film, Belfort had barely continued with the compensation.
BusinessWeek reported that Belfort had received approximately 1.2 million dollars, but that of these he had only paid 21,000 in refunds. Belfort then stated that the government had rejected an offer to use 100% of the income for its books for refunds.
Jordan Belfort Talks and seminars
He conducts his talks through his company Global Motivation Inc., and since 2014, Belfort spends three weeks of each month traveling to give them. The main theme of his speeches oscillates between business ethics and learning from the mistakes he made in the 1990s, such as always being borderline financial regulation with the excuse that it was something usual, which did not justify his Actions.
Your fees for these talks are usually between $ 30,000 and $ 75,000 and your seminar rate for sales starts at $ 80,000. The main method of business advice he employs in his seminars is what he calls the “Straight Line System”. Some critics have reacted negatively to the content of his speeches form, especially when their activities remember the 1990s.
Belfort was the last owner of the luxurious yacht Nadine (renamed after his second wife, the British model Nadine Caridi ), a yacht that was originally built for Coco Chanel. The ship sank off the east coast of Sardinia in June 1996. An elite group of Italian military divers belonging to the Raggruppamento Subacquei and Incursion Commander Teseo TeseiThey rescued all their passengers and crew.
Belfort declared that the shipwreck was due to his insistence on sailing, against the advice of the captain, who warned him of the presence of strong gusts of wind and swell. The yacht was sunk when a wave broke the hatch. Sober, apparently, since 1998, Belfort has published two memoirs: The Wolf of Wall Street and Catching the Wolf of Wall Street, memories that have been taken to the movies.
The first book he wrote in the days following his release from prison – although he had previously written an initial draft of 130 pages that he destroyed. Before its publication, it received $500,000 in advance from its publisher, Random House, and a bidding war began to obtain the film rights to the book.
The former prosecutor of the United States who prosecuted Belfort declared that he thought that some details of the book could be invented. Finally, the film of his book The Wolf of Wall Street, played by Leonardo DiCaprio, and in which he makes a cameo at the end of the film, was brought to the big screen.
Since 2013, Jordan Belfort resides in Manhattan Beach, a small city in the county of Los Angeles, California. On the occasion of the premiere of the movie The Wolf of Wall Street, Time magazine published in January 2014, an article which reported that despite the seemingly implausible events narrated in the film, they are all mentioned and contrasted by Belfort in his memoirs.