Born and raised in Queens, New York, Jordan Joss Belfort is a popular motivational speaker and author in the United States. He is well-known for his memoirs, The Wolf of Wall Street. He was arrested for stock market manipulation and a penny stock scheme in 1999, and he eventually pleaded guilty to the charges.
Jordan Belfort Net Worth
Former stockbroker, novelist, and convicted felon; that’s Jordan Belfort. Since the time of this writing, Jordan Belfort has lost over $100 million in wealth.
Jordan oversaw the financial business Stratton Oakment from 1989 to 1996, during which time it engaged in pump-and-dump operations that resulted in the theft of hundreds of millions of dollars from unsuspecting investors. Co-founders Belfort and Danny Porush were charged with securities fraud and money laundering in 1999. Both of them entered guilty pleas. By helping the government, their sentences were lowered.
In 2007, Jordan released his autobiography titled “The Wolf of Wall Street.” A film adaptation starring Leonardo DiCaprio and directed by Martin Scorsese was released under the same title. There was 2013 release of the film. Boiler Room, released in 2000, was based loosely on Belfort and his former firm, Stratton Oakmont, in the financial industry.
In a bummer for fans of the film, Jordan Belfort was never referred to as “the Wolf of Wall Street” when he was engaged in financial shenanigans. While incarcerated, Jordan self-named himself using this moniker for his narrative. According to the film, a writer for Forbes magazine in 1991 is responsible for naming Jordan. It’s not true. Actually, the title of that story in Forbes was more along the lines of “Steaks, Stocks – What’s the Difference?”
That Belfort used to sell steaks and seafood door to door on Long Island is a reference to his life before he became a stock broker. The story went on to label Jordan a “twisted Robin Hood who steals from the rich and gives to himself and his merry band of brokers.” His business style was characterized as “selling hazardous stocks on unwary investors” in the report.
The movie glossed over the reality that many of Jordan’s victims did not come from wealthy backgrounds. They were humble folks who lacked the financial flexibility to afford to lose what they did.
Around $200 million was taken from people under Jordan’s fake reign of terror. He had to pay back $110 million in restitution. He has only paid back $10 million as of this writing. As a result, he is $100,000,000 in the red.
What Strategies Did Jordan Belfort Use To Amass His Fortune?
Jordan went to school at the illustrious New York City Rothschild firm to learn the stock trading trade. On “Black Monday” (19 October 1987), however, he began his career as a stockbroker. Jordan sold “pink sheet” stocks on the OTC market for a company called “The Investors Center” as the company was winding down.
As a result of his outstanding sales abilities, Jordan quickly rose to the top of the company’s sales board and is now pulling in roughly $70,000 monthly. But he wanted more from his career, so he and his business partner, Danny Roush, established Stratton Oakmont.
Jordan indulged in lavish spending during his tenure as Stratton’s CEO. He developed the “Straight Line Persuasion” sales strategy, and his team became known as the “Killer Squad.” However, Jordan was a dishonest broker who got into a lot of difficulty with the SEC.
While incarcerated, Jordan’s cellmate Tommy Chong of the “Cheech and Chong” movies persuaded him to pen his autobiography.
The film rights to Jordan’s book were purchased by filmmaking legend Martin Scorsese, who then used them to create “The Wolf of Wall Street,” starring Leonardo DiCaprio and Margot Robbie as Jordan and his wife. Jordan now has a YouTube channel, where he hosts a podcast, and he also works as a sales trainer.
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Jordan Belfort Real Estate
After seizing Belfort’s Long Island, New York estate in 2001, the federal authorities used the proceeds from the sale to compensate some of Belfort’s fraud victims. There have been multiple sales of the property since then. In 2017, it was listed for sale at a price of $3.4 million. The price was reduced to $2.89 million in August 2018.
Jordan Belfort Autobiography And Lasting Impact
Belfort defrauded hundreds of investors and used the proceeds to acquire a yacht, multiple sports cars, a massive home, and other extravagant goods. He began consuming substances and developed a strong preference for Quaaludes. Because of his drug use, Jordan was involved in multiple incidents. He has sunk his own luxury yacht and has crashed a helicopter in his own backyard.
When Jordan was CEO of the financial firm ‘Stratton Oakmont,’ he divorced his first wife, Denise Lombardo. Subsequently, he tied the knot with Nadine Caridi. Nadine is a model who was born in the United Kingdom but grew up in Bay Ridge, New York. Belfort married her after meeting her at a party, and they now had two children together.
Following Nadine’s allegations of abuse at the hands of her notorious husband, Belfort, the couple split up. She stated that Belfort’s drug usage and sexual relationships with other women contributed to an escalation in domestic violence. In 2005, they finalized their divorce, and now Belfort is responsible for raising the couple’s two children. His longtime sweetheart Anne Koppe just proposed to him.
He was sentenced to 22 months in prison for his role in a Ponzi scheme that involved his investment firm. It’s interesting to note that the original sentence was for four years.