Few people in finance have as much control over Wall Street’s image as a selfish, heartless place as Jordan Belfort. Belfort pled guilty to a slew of charges in 1999, including stock market manipulation and operating a long-term penny stock scheme. Belfort wrote two memoirs after his sentencing and imprisonment in prison: the first, The Wolf of Wall Street, was popularized in a 2013 Martin Scorsese film adaptation starring Leonardo DiCaprio.
Belfort published a new memoir, Way of the Wolf, in 2017, which is a self-help book. Belfort has been chastised for profiting from his tale of taking money from unwitting victims while his victims went unpunished. Belfort has reinvented himself as a motivational speaker after controversies and a stint in jail for securities fraud. And the contrast between greed, ambition, and passion on Wall Street is one of his main topics.
Early Life
Jordan Ross Belfort was born on July 9, 1962, in Queens, New York, and rose to prominence in the 1990s for his part in swindling millions of dollars from investors through his investment company, Stratton Oakmont. Belfort, the son of an accountant, grew up in a small Queens flat.
He was a natural salesman who eventually started a business selling meat and fish, but it failed quickly. Belfort used his sales expertise in a different arena in 1987. He began his career as a stockbroker by working for a brokerage firm and learning the ropes. Belfort founded his own trading firm, Stratton Oakmont, two years later.
Career
During the 1980s, he ran a seafood and meat business. Belfort began selling stocks in 1987 when the business had to be shut down due to financial losses. When he started working in a brokerage firm in 1987, Belfort put his selling skills to use in a completely different area. He learned how to be a stockbroker here. He founded his own investment firm, Stratton Oakmont, two years later.
Jordan and his business associate Danny Porush made their fortune through the notorious “pump and dump” scheme. His brokers were asked to push those stocks on the firm’s unsuspecting clients as part of this scheme, which helped inflate the prices of such stocks. His business sold its ownership and profited as part of this nefarious scheme.
In 1992, the US Securities and Exchange Commission agreed to put an end to ‘Stratton Oakmont’s devious stock activity, claiming that the firm had been manipulating stock prices and defrauding investors. Belfort left his scheming brokerage company only two years later. Jordan was ordered by the court to repay $110.4 million to several stockbrokers in the civil suit that followed.
Belfort shared a cell with Tommy Chong during his time in jail, and the two remained friends after his release. Jordan’s memoir, “The Wolf of Wall Street,” became an international bestseller in 2007. The story follows his rise to prominence in the stock market, followed by his fall from grace in the financial world. ‘Catching the Wolf of Wall Street,’ a new book by the former stockbroker, delves into his life after his arrest.
Jordan Belfort Net Worth
Jordan Belfort has a net worth of $2 million dollars as of 2021, according to our calculations. He makes money from his books, courses, and speeches, as a former stockbroker and convicted felon. Jordan Belfort began making money when he was a child, and according to his book, he has always been a great salesman. Belfort began his career by selling meat and fish door-to-door, but it wasn’t until he began selling stocks that he became extremely wealthy and influential.
Via his investment firm, Stratton Oakmont, Belfort amassed a fortune in the 1990s. According to reports, Belfort has paid $14 million of the $110 million fine imposed on him. He has owned a number of high-end automobiles and mansions in the past. The value of one of his former mansions is $3.4 million. The mansion had five suites, a garage, a huge pool, and a variety of entertainment areas.
Personal Life
Belfort and his first wife Denise Lombardo were divorced while he was running the Stratton Oakmont company. He later married Nadine Caridi, a model from Bay Ridge, Brooklyn, who he met at a party. With her, he had two kids. Following her allegations of domestic abuse, which were fuelled by his drug addiction and infidelity issues, Belfort and Caridi eventually divorced.
In 2005, they separated. Belfort was the last owner of the luxury yacht Nadine, which was designed for Coco Chanel in 1961 and constructed for her in 1961.Caridi was given a new name for his yacht. The yacht sank off the east coast of Sardinia in June 1996, and all of the passengers and crew were rescued by frogmen from the Italian Navy’s COMSUBIN special forces unit.
Belfort said that despite his captain’s advice, he insisted on sailing out in high winds, causing the vessel to sink when waves shattered the foredeck hatch. Belfort enjoys tennis as well.
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Conclusion
Jordan Ross Belfort is a convicted felon, author, motivational speaker, and former stockbroker from the United States. He began his career as a motivational speaker after realizing his life.
