Danny Porush

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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.[1]

Biography[edit]

Danny Porush was raised in a Jewish family[2][3] and a childhood friend of Steve Madden, founder of Steve Madden Shoes.[2][4]

Stratton Oakmont[edit]

Stratton Oakmont was a Long Island, New York, "over-the-counter" brokerage house founded by Jordan Belfort and Danny Porush. Stratton Oakmont was the largest (OTC) firm in the country during the late 1980s and 1990s. The firm was responsible for the initial public offering of 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. Stratton Oakmont was a part of Pump and dump (P&D) which is a form of microcap stock fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price. Once the operators of the scheme "dump" their overvalued shares, the price falls and investors lose their money. Stocks that are the subject of pump and dump schemes are sometimes called "chop stocks".[5]

While fraudsters in the past relied on cold calls, the Internet now offers a cheaper and easier way of reaching large numbers of potential investors.[5]

Alabama Securities Commissioner Joseph Borg pushed the formation of a multi-state task force which eventually led to the prosecution of Stratton Oakmont after his office was inundated with complaints regarding the brokerage.[6]

In September 1999, Porush and Belfort pleaded guilty to 10 counts of securities fraud and money laundering.[7] Porush was sentenced to 39 months in prison, and was released in 2004.[1]

In 2013, the story of Stratton Oakmont was made into Martin Scorsese's black comedy 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.[8] The character's name was changed during development after Porush threatened to sue Paramount Studios if he was depicted.[9]

Medical supplies[edit]

As of 2014, Porush worked with a Boca Raton, Florida-based Medical supply, 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.[10][11]

See also[edit]

References[edit]

  1. ^ a b "From a prison cell to driving Rolls-Royces and hanging out with movie stars: How the REAL Wolves of Wall Street are on top of the world after being released from prison over $200 million fraud". Daily Mail. 2013-04-15. 
  2. ^ a b Pfefferman, Naomi (January 6, 2014). "Jonah Hill’s not-so-nice Jewish guy". Jewish Journal. Retrieved 1 March 2014. 
  3. ^ Goldberg, Jennifer (February 2014). "Oscars are light on Jewish nominees". Jewish News. Retrieved 15 April 2014. 
  4. ^ Daniel Porush biography. January 2014 http://www.wolfofwallstreet.info/bio.php?id=daniel_porush |url= missing title (help). Retrieved 1 March 2014. 
  5. ^ a b "Pump and Dump Schemes". U.S. Securities and Exchange Commission. March 12, 2001. 
  6. ^ Hubbard, Russell (21 March 2010). "Joe Borg, Alabama Securities Commission boss, has reputation of being tough on crooks". The Birmingham News. Retrieved 25 January 2011. 
  7. ^ "Stratton Oakmont Executives Admit Stock Manipulation". New York Times. 1999-09-24. 
  8. ^ Suebsaeng, Asawin (December 10, 2013). "Dwarf-Tossing, 3-Way With Teen Employee Never Happened, Says Real "Wolf of Wall Street" Exec". Mother Jones. Retrieved 17 January 2014. 
  9. ^ Nehme, Farran Smith (December 21, 2013). "Good Film, Extremely Bad Wolf". Barron's. 
  10. ^ Maiello, Michael; Stewart, Emily (2008-08-21). "Blood Money". Forbes. Retrieved 2014-01-18. 
  11. ^ Crowley, Kieran (2013-04-15). "With film release approaching, 'Wolves of Wall Street' scammers are back on top". New York Post. Retrieved 2014-01-18. 

External links[edit]