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Who Is Jordan Belfort?
Jordan Belfort is best known for his extraordinary rise and fall as a stockbroker who defrauded investors of millions. His natural talent for sales was evident early on, starting with a meat and seafood business in the 1980s. However, after that business failed, Belfort turned his focus to the stock market in 1987. By 1989, he had founded his own investment firm, Stratton Oakmont, which was involved in fraudulent activities, making millions through illegal practices. In 1992, the Securities and Exchange Commission began investigating the company, leading to Belfort’s downfall. In 1999, he pleaded guilty to securities fraud and money laundering, resulting in a prison sentence in 2003. Belfort was sentenced to four years but served just 22 months. His memoir, The Wolf of Wall Street, was published in 2008, followed by Catching the Wolf of Wall Street in 2009.
Early Life and Career
Born on July 9, 1962, in Queens, New York, Jordan Ross Belfort grew up in a working-class family. The son of an accountant, he exhibited a natural flair for sales, which led him to start a business selling meat and seafood. However, the venture soon collapsed. In 1987, Belfort transitioned to the world of stockbroking, where his sales abilities flourished. Just two years later, he founded Stratton Oakmont, a brokerage firm that became infamous for defrauding investors, marking the start of Belfort’s controversial career in finance.
The Wolf of Wall Street: The Rise, Fall, and Rebirth of Jordan Belfort
Alongside his partner, Danny Porush, Jordan Belfort amassed a fortune through a notorious “pump and dump” scheme. Their brokers aggressively pushed stocks onto unsuspecting clients, artificially inflating the prices. Once the stocks peaked, Belfort’s firm would offload its own holdings for substantial profits.
Flush with cash, Belfort led an extravagant lifestyle, marked by luxury mansions, sports cars, and other indulgent purchases. His wealth was matched by a serious addiction to drugs, particularly Quaaludes. Belfort’s substance abuse led to numerous reckless incidents, including crashing his helicopter into his yard and sinking his yacht—formerly owned by fashion icon Coco Chanel—while intoxicated. His addiction also played a role in the demise of his second marriage. At his firm, Stratton Oakmont, Belfort fostered a culture of excess. Employees were encouraged to engage in substance abuse, sex, and wild antics. In one infamous instance, a female assistant was paid $5,000 to have her head shaved by company traders. The office mantra, “Don’t hang up until the customer buys or dies,” drove the aggressive sales tactics that yielded significant short-term gains. As Belfort later admitted to the New York Post, “It’s easier to get rich quick when you don’t follow the rules.”
Legal Troubles
In 1992, the U.S. Securities and Exchange Commission (SEC) targeted Stratton Oakmont, accusing the firm of defrauding investors and manipulating stock prices. By 1994, Belfort was forced out of the brokerage industry after settling with the SEC, which imposed a lifelong ban on him working in securities and levied fines against the company. Belfort’s legal issues did not end there. In 1996, the National Association of Securities Dealers expelled Stratton Oakmont, and by 1997, the firm was liquidated to cover its mounting fines and settlements. Belfort’s downfall culminated in 1999 when he pled guilty to securities fraud and money laundering. To reduce his prison sentence, Belfort cooperated with authorities. In 2003, he was sentenced to four years in prison and fined $110 million, though he served only 22 months. During his time behind bars, comedian Tommy Chong, a fellow inmate, encouraged Belfort to write about his experiences, sparking his interest in writing.
Life After Prison
In 2008, Belfort published his memoir, The Wolf of Wall Street, chronicling his rapid rise and dramatic fall in the financial world. A year later, he released a second memoir, Catching the Wolf of Wall Street, focusing on his life post-arrest. Belfort’s story was immortalized on screen in 2013 with Martin Scorsese’s film The Wolf of Wall Street, starring Leonardo DiCaprio as Belfort.
Today, Belfort runs his own business, offering sales training and motivational speaking through his Straight Line training programs, which focus on wealth-building strategies. Belfort claims to have turned over a new leaf, stating in an interview with the Daily Mail, “I’m a wolf who became a more benevolent character.” To date, he has reportedly repaid $14 million of the $110 million owed in restitution.