July 9, 1962 |
Bronx, New York, U.S.
|Criminal penalty||4 years in federal prison, $110 million in restitution |
|Criminal status||Released April 2006 after 22 months|
Nadine (divorced; 2 children)
|Conviction(s)||Securities fraud, Money laundering|
Jordan Belfort (//; born July 9, 1962) is an American author and motivational speaker who was convicted of crimes related to stock market manipulation and running a penny stock boiler room for which he spent 22 months in prison.
Life and career
In the 1990s, he founded brokerage firm Stratton Oakmont which functioned as a boiler room marketing penny stocks, where he defrauded investors with fraudulent stock sales. During his years as a stock swindler, Belfort developed a hard-partying lifestyle, which included a serious drug addiction (Quaaludes). Stratton Oakmont employed over 1000 stock brokers and was involved in stock issues totaling more than $1 billion, including an equity raising for footwear company Steve Madden Ltd. The notoriety of the firm, which was targeted by law enforcement officials in the late 1990s, inspired the 2000 film Boiler Room.
Belfort was indicted in 1998 for securities fraud and money laundering. After cooperating with the FBI, he served 22 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 $110.4 million that he swindled from stock brokers.
Reportedly sober since 1998, Belfort wrote two memoirs, The Wolf of Wall Street and Catching the Wolf of Wall Street, which have been published in approximately 40 countries and translated into 18 languages. His life story was turned into a motion picture starring Leonardo DiCaprio, Jonah Hill, and Matthew McConaughey, and directed by Martin Scorsese. Filming began in August 2012. He has toured internationally as a motivational speaker. As of 2007, Belfort was residing in Los Angeles.
According to federal prosecutors, Belfort has failed to live up to the restitution requirement of his 2003 sentencing agreement. The agreement requires him to pay 50% of his income towards restitution to the 1,513 clients he defrauded. Of the $11.6 million that has been recovered by Belfort's victims, $10.4 million of the total is the result of the sale of forfeited properties. The sentencing agreement mandates a total of $110 million in restitution.
In an October 2013 complaint filed by federal prosecutors, it was alleged that Belfort, who had income of $1,767,209 from the publication of his two books and the sale of the movie rights, plus an additional $24,000 from motivational speaking since 2007, paid restitution of only $243,000 over the past four years. Belfort denounced the accusation as "all lies ... a complete fabrication.”
Belfort was the final owner of the luxury yacht Nadine (renamed after his second wife, an English-born model) originally built for Coco Chanel. In June 1996, it sank off the east coast of Sardinia. Italian COMSUBIN frogmen rescued all aboard the vessel. Belfort 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.
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- Tom Leonard (2008-02-25). "Jordan Belfort: Confessions of the Wolf of Wall Street". Telegraph. Retrieved 2013-04-03.
- "Federal Bureau of Prisons". Bop.gov. 2006-04-28. Retrieved 2013-04-03.
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- Catching the Wolf of Wall Street: More Incredible True Stories of Fortunes ... - Jordan Belfort. Books.google.ca. 2009-02-24. Retrieved 2013-06-23.
- Vince Veneziani (2010-03-25). "Revisiting The Amazing Story Of Jordan Belfort: "The Wolf Of Wall Street"". Business Insider. Retrieved 2013-06-23.
- Gasparino, Charlie. "'Wolf of Wall Street' Gets $1M Pay Day for Movie Rights". Fox Business. Retrieved 25 October 2013.
- Jane Wells (2007-10-03). "Who's Jordan Belfort? I'll Tell You Exactly Who He Is". Cnbc.com. Retrieved 2013-06-23.
- "The Wolf of Wall Street by Jordan Belfort - Book - eBook - Audiobook". Random House. Retrieved 2013-06-23.
- Hubbard, Russell (March 21, 2010). "Joe Borg, Alabama Securities Commission boss, has reputation of being tough on crooks". The Birmingham News. Retrieved January 25, 2011.
- "Jordan Belfort - Interview from Sunday Profile". Abc.net.au. 2009-08-20. Retrieved 2013-06-23.
- Fleming, Mike (April 19, 2012). "TOLDJA! Martin Scorsese, Leonardo DiCaprio Commit To 'The Wolf Of Wall Street'". Deadline.com. PMC. Retrieved August 11, 2012.
- Thomas Jr., Landon (September 11, 2007). "In the Ashes of His Life as a Broker, Inspiration". NYTimes.com. Retrieved September 8, 2011.
- Dillon, Nancy (19 October 2013). "Real 'Wolf of Wall Street' Jordan Belfort still owes millions to victims: prosecutors". N.Y. Daily News. Retrieved 25 October 2013.
- Kenny, Kenny (May 1997). "The Longest Night". Yachting 181 (5).
- "Motor Yacht Nadine". Yachtandcrew.com. 2012-01-01. Retrieved 2013-06-23.
- Belfort, Jordan (2007). The Wolf of Wall Street. Random House. pp. 406–409. ISBN 978-0-553-80546-8.