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. He lives in Boca Raton, Florida.
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".Porush bought out Belfort in 1993 and was C.E.O. and Chairman of Stratton for 25 of the initial public offerings, including Steve Madden Shoes, who's founder, Steve Madden was and is a close friend of Porush.
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.
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.
As of 2014, Porush worked 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.
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