Daniel Porush (born February 1957, Lawrence, New York, U.S.) is an American businessman who has worked in investment banking and mail order. In 1999, he was convicted of securities fraud and money laundering, for which he served 39 months in prison.
Danny Porush was raised in a Jewish family and a childhood friend of Steve Madden, founder of Steve Madden Shoes. Porush married his first wife Nancy in 1986 and they had three children together. Following a divorce, in 2000 Porush married his second wife Lisa, they have one child together, and eight between them. They live in Boca Raton, Florida.
Porush helped Jordan Belfort found Stratton Oakmont, a Long Island, New York "over-the-counter" (OTC) brokerage house. Stratton Oakmont developed into one of the largest OTC firms in the country during the late 1980s and 1990s. It sponsored initial public offering for 35 companies, including Steve Madden Ltd., Hemesphere Biopharma, Dualstar Technologies, D.V.I. Financial, Paramount Financial, M. H Meyerson & Co., Czech Industries, M.V.S.I. Technology, Questron Technologies, and Etel Communications. Porush bought out Belfort in 1993 and was C.E.O. and Chairman of Stratton Oakmont.
After receiving numerous complaints regarding Stratton Oakmont, Alabama Securities Commissioner Joseph Borg helped form a multi-state task force which eventually led to the prosecution of the brokerage. It was determined that Stratton Oakmont was involved in pump and dump stock fraud that involved artificially inflating the price of stocks through false and misleading positive statements, in order to sell cheaply purchased stock at a higher price. Once the operators of the scheme "dumped" their overvalued shares, the price fell and investors lost their money.
In September 1999, Porush and Belfort pleaded guilty to 10 counts of securities fraud and money laundering. Porush was sentenced to four years in prison, and was released on probation in 2004 after serving 39 months.
In 2013, the story of Stratton Oakmont was made into Martin Scorsese's The Wolf of Wall Street based upon Jordan Belfort's 2007 memoir of the same title. In the film Jonah Hill portrays a character named Donnie Azoff, loosely based on Porush as described in Belfort's book. Porush has stated that many of the book's incidents are fictional. The character's name was changed during movie development after Porush threatened to sue Paramount Pictures if he was depicted.
Following his release from prison, Porush became involved with a Boca Raton, Florida-based medical supply and medical equipment company which, according to Forbes magazine, has operated under the names Med-Care Diabetic & Medical Supplies, Christian Diabetics and the Christian Healthcare Network. The Med-Care company was the subject of a congressional hearing on Medicare fraud in April 2013. In May 2014, Porush's involvement with Med-Care was cited as reason for a portion of the federal "Stop Scams Act of 2014" which would require Medicare providers to disclose their ownership interests. In 2014, Porush and five other personnel of the Med-Care company were named in a whistleblower lawsuit alleging fraudulent Medicare claims, but the case was dismissed in federal court for lack of any specific proof.
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