A man named Jordan Ross Belfort was born on July 9, 1962. He is an American entrepreneur and author. He was a stockbroker and a convicted felon. After manipulating stock prices, running a boiler room for penny stocks, and other crimes, he agreed to plead guilty in 1999.
During his 22 months in prison, Belfort agreed to testify against many of the people who worked with and for him in his fraud scheme. In 2007, he wrote a memoir called The Wolf of Wall Street. It was turned into a movie called The Wolf of Wall Street, which was released in 2013.
Early Life
He was born on July 9, 1962, in The Bronx, New York. He was born and raised in Bayside, Queens, and he was raised by a Jewish family there. In the summer between high school and college, Belfort and one of his best friends sold Italian ice to people on the beach.
They made $20,000. When Belfort went to American University, he got a degree in biology. When he went to dental school, he went to the University of Maryland School. She told him that being a dentist was not a way to make money. He left after the first day of class because she said that.
Career
New York’s Long Island is where Belfort sold meat and seafood. As his meat-selling business grew, it went from a one-man operation to a company that hired several people and sold 5,000 pounds of beef and fish every week to customers. His first job as a stockbroker trainee was at L.F. Rothschild when he was 25 years old.
Claims have been made that the first boss of Belfort told him masturbation and cocaine were the keys to success. After the 1987 stock market crash, he was fired from this company. It was hard for Belfort to give up on making money like the older stockbrokers did, but he was still interested in making money like that.
During the late 1980s, Belfort worked for a lot of different financial firms, learning as much as he could. In 1989, he decided to start his own company. He worked hard to improve his sales pitch, and he did that.
It was in the early 1990s that Belfort came up with Stratton and Oakmont. It sells penny stocks in a boiler room. Belfort used a “pump and dump” scheme to get money from his investors. Over 1,000 stockbrokers worked for Belfort and they had more than $1 billion under management when Stratton Oakmont was at its best.
Even so, the National Association of Securities Dealers was already aware of Belfort and Stratton Oakmont. This is why. The association was very interested in the firm’s transactions. National Association of Securities Dealers kicked Stratton Oakmont out in December 1996, and the company went out of business at that time, as well
Belfort is said to have put his money in Swiss banks. They both helped to get the money into Switzerland. His mother-in-law and his wife’s aunt were both involved. When he ran Stratton Oakmont, he reportedly had parties where people threw midgets.
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Jordan Belfort’s Net Worth
Jordan Belfort is a convicted felon, a former stockbroker, and the author of a book. He has a negative value of $100 million at this time. Jordan ran Stratton Oakmont, a financial firm, from 1989 to 1996. Stratton Oakmont ran pump-and-dump schemes that took hundreds of millions of dollars from innocent people.
| Net Worth: | $-100 Million |
|---|---|
| Age: | 59 |
| Born: | July 9, 1962 |
| Country of Origin: | United States of America |
| Source of Wealth: | Entrepreneur |
| Last Updated: | 2022 |
In 1999, Belfort and Danny Porush, the two co-founders of the company, were charged with securities fraud and money laundering. They both said they were guilty. Their sentences were cut in exchange for giving information to the police.
In 2007, Jordan wrote a book called “The Wolf of Wall Street.” In the same name, Leonardo DiCaprio and Martin Scorsese played Leonardo DiCaprio in a movie made by the same name. The movie came out in 2013. When “Boiler Room” came out in 2000, it was based on Belfort and his old company, Stratton Oakmont.
Fans of the movie don’t like that Jordan Belfort was never called “the Wolf of Wall Street” when he was a financial sleuth. Jordan came up with the name while writing his memoir from prison. That’s what the movie says. A Forbes writer named Jordan that way back in 1991, the movie says.
That isn’t true. In fact, the title of the Forbes article was “Steaks, Stocks – What’s the Difference?” It’s a reference to the fact that Belfort used to sell steaks and seafood on Long Island.
It said Jordan was “twisted Robin Hood,” and that he took from the rich and gave to his own group of brokers like he was “Robin Hood.” The article also said that his business model is to “push risky stocks on people who aren’t paying attention.”
People who were killed by Jordan were not rich, which the movie didn’t show very well They were poor people who couldn’t afford to lose the money they lost, so they couldn’t get it back.
In Jordan’s fraudulent reign of terror, he stole $200 million from people who were afraid of him. To payback, he had to pay back $110 million in damages. As of this writing, he’s only paid back $10 million. Hence, he has a net worth of less than $100 million.
What Did Jordan Belfort Earn From His Books?
He sold the movie rights to his book, “The Wolf of Wall Street,” for $50 million. He wrote two memoirs called The Wolf of Wall Street and Catching the Wolf of Wall Street. They have been published in about 40 countries and translated into 18 languages.
Real Estate
During a raid on Belfort’s Long Island, New York mansion in 2001, the federal government took the house and sold it to pay back some of Belfort’s fraud victims. It has been sold a lot since then. It went on sale in 2017 for $3.4 million. The price was cut in August 2018 to $2.89 million.
Legal Issues
In 1999, federal prosecutors filed charges against Belfort, alleging that he committed securities fraud and money laundering. In exchange for a plea deal with the FBI, he served 22 months of a four-year sentence. Investors lost $200 million as a result of his financial fraud.
Restitution
In 1998, charges of money laundering and fraud were brought against Belfort. It took him almost two years to serve a prison sentence for securities fraud and money laundering. Of the $200 million that he stole from more than 1,500 clients, he had to pay back $110 million. Of the $110 million he borrowed, he has only repaid about $10 million so far.
Personal Life
During his time at Stratton, Belfort lived a high life and threw a lot of parties. He also took recreational drugs, like methaqualone, or quaaludes, which he used often. Belfort and his first wife, Denise Lombardo, broke up while he was running Stratton Oakmont, which is where he lived. They were together from 1985 to 1991.
During prison time, he lived with a man named Tommy Chong. Belfort wrote “The Wolf of Wall Street” with the help of this person. In 1991, he married a British-born model named Nadine Caridi, and they had a daughter together. At a party, they met.
They had two kids together, Chandler and Carter, and they named them after them. They broke up after she accused him of domestic violence that was likely drug-fueled. They divorced in 2005. The luxury yacht Nadine was built for Coco Chanel in 1961. Belfort bought it.
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It was named after his second wife. When the ship sank near Sardinia in June 1996, it was off the coast of the country. There was a lot of water on the boat, and everyone on it was saved by the Italian Navy’s Special Forces. He later said that even though the captain told him not to sail in high winds, Belfort refused to listen.
The relationship between Belfort and Anne Koppe began in the year 2o08. They got married in 2015. 2020: They are still together but not married. Belfort has been compared to Bernie Madoff, the man who ran a Ponzi scheme.
This movie has a cameo by Belfort near the end. When Bo Dietl worked for him, he told an interviewer that he never saw Belfort sober while he worked for him. He also said that Belfort had a lot of connections to the Mafia.
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How Did Jordan Belfort Build Up His Wealth?
Jordan learned how to be a stockbroker at the famous Rothschild firm in New York City while he was in school there. His first day as a stockbroker was on “Black Monday,” October 19, 1987. Jordan sold “pink sheet” stocks on the OTC market for a company called “The Investors Center.” When the company closed, Jordan sold these stocks on the OTC market for this company.
Jordan was a great salesman, so he ended up at the top of the company’s sales list. He made about $70,000 a month, which is a lot of money. Even so, he wanted more out of his job, so he started his own business with his partner Danny Roush.
While he was in charge of Stratton, Jordan lived a high life. A lot of people know him because he came up with the “Straight Line Persuasion” sales system and used it to make his team into “killers.” However, Jordan was a dishonest broker who got in trouble with the SEC for a lot of violations.
A cellmate of Jordan’s from the “Cheech and Chong” movies convinced him to write a book about his life story. Martin Scorsese, a famous film director, bought the film rights to the book from Jordan. He made the movie “The Wolf of Wall Street,” which starred Leo DiCaprio as Jordan and Margie Robbie as Jordan’s wife. Today, Jordan runs a podcast on YouTube, and he’s a very good sales coach.
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Summary
In his company, Stratton Oakmont, Jordan Belfort, who is known as “The Wolf of Wall Street,” made a tonne of money. In the end, he was sent to prison for four years and fined $110 million. He had a lot of trouble with the law.
Jordan Belfort is thought to be worth about $-100 million in 2022. He is now 59 years old and works as a motivational speaker all over the world.
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