[VIDEO] Jordan Belfort the Wolf of Wall Street
Coming soon “The Wolf of Wall Street” directed by Martin Scorsese and starring Leonardo Dicaprio, based on the true story of Jordan Belfort the real life Wolf of Wall Street. Watch him tell his story about breaking the law and making $1billion in the process.
Belfort was born into a Jewish New York family and was the son of Leah and Max Belfort, who were accountants.
In the 1990s, he founded brokerage firm Stratton Oakmont which functioned as a boiler room, and developed a hard-partying lifestyle, which included a serious drug addiction (Quaaludes). The firm also served as inspiration for the 2000 filmBoiler Room. Stratton Oakmont employed over 1000 stockbrokers and was involved in stock issues totaling more than $1 billion, including an equity raising for footwear company Steve Madden Ltd.
Belfort was the final owner of luxury yacht the Nadine (renamed after his second wife, a British-born model) originally built for Coco Chanel. In June 1997, it sank off the east coast of Sardinia. The Italian Special Forces were called to rescue all aboard the vessel. Belfort has said he insisted on sailing out in high winds against the advice of his captain, resulting in the vessel’s sinking when waves smashed the foredeck hatch.
Alabama Securities Commissioner Joseph Borg pushed the formation of a multi-state task force which led to the prosecution of Stratton Oakmont after his office was inundated with complaints regarding the brokerage.
Belfort was indicted in 1998 for securities fraud and money laundering. After cooperating with the FBI, he served twenty-two months in federal prison for a pump and dump scheme, which resulted in investor losses of approximately $200 million. Belfort was ordered to pay back $100 million that he took from stock brokers.
Reportedly sober since 1998, Belfort’s two bestselling memoirs, The Wolf of Wall Street and Catching the Wolf of Wall Street, have been published in approximately forty countries and translated into eighteen languages.