Jordan Belfort is a former stockbroker, novelist, and convicted felon. He oversaw the financial company Stratton Oakment from 1989 to 1996 when it was involved in pump-and-dump scams that tricked hundreds of millions of dollars out of unsuspecting people.
The co-founders of the company, Jordan Belfort and Danny Porush, faced charges of money laundering and securities fraud in 1999. They both entered guilty pleas. Their cooperation with prosecutors resulted in reduced terms for them.
Jordan Belfort’s Net Worth
Belfort’s net worth is estimated at $115 million, largely coming from speaking engagements and memoir sales. He earns an annual income of $18 million. Despite his corrupt past, Jordan Belfort is still doing quite well, albeit not nearly as well as he did during the peak of his career.
Jordan Belfort’s Early Life
On July 9, 1962, Jordan Ross Belfort was born in The Bronx, New York. Born into a Jewish household, he grew up in Bayside, Queens. During the summer between high school and college, Belfort and a close friend made $20,000 selling Italian ice from coolers to tourists on the beach.
Belfort graduated from American University with a degree in biology. He enrolled in the University of Maryland School of Dentistry. When a faculty member mentioned that being a dentist wasn’t a means to get rich, he departed after the first day of lectures.
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Jordan Belfort Career
On Long Island, New York, Belfort went door-to-door selling meat and seafood. From being a one-man operation at first, his meat-selling firm expanded to employ several individuals and sell 5,000 pounds of beef and fish every week. He became a trainee stockbroker at L.F. Rothschild after declaring bankruptcy at the age of 25. Belfort’s first supervisor allegedly advised him that hookers, cocaine, and masturbation were the keys to success.
This company let him go following the Black Monday stock market crash in 1987. Belfort was enamored with the notion of becoming a stockbroker and earning the kind of money that more seasoned brokers did, even after this setback. Belfort worked for several financial firms in the late 1980s, absorbing as much information as he could. After honing his sales approach, he decided to launch his own business in 1989.
Belfort created Stratton Oakmont in the early 1990s. The company uses a boiler room to sell penny stocks. Belfort conned his investors with a pump-and-dump plan. At the pinnacle of Stratton Oakmont’s prosperity, Belfort managed over $1 billion and employed over 1,000 stockbrokers.
Nonetheless, Belfort and Stratton Oakmont were under investigation by the National Association of Securities Dealers. The group was thoroughly examining the business dealings of the firm. Stratton Oakmont thereafter lost its membership in the National Association of Securities Dealers in December 1996, and the company closed.
Belfort hid his wealth in Swiss banks. His wife’s aunt and his mother-in-law both had a hand in getting the money into Switzerland illegally. While controlling Stratton Oakmont, he reportedly organized parties that included midget-tossing contests.
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Jordan Belfort Motivational Speaking Career
Following his release from prison, Belfort transformed his career into a motivational speaker. He established Global Motivation, Inc. as his company. He traveled for around three weeks every month to give speeches on the value of business ethics and how to learn from mistakes.
For example, in the 1990s, he believed that he could get away with breaching the regulations set down by banking regulators because many others were doing the same. The cost to schedule a speech with Jordan Belfort ranges from $30,000 to $75,000. Booking him for a sales seminar costs at least $80,000.
Commenters have responded adversely to his stories of breaking financial restrictions as he did in the 1990s, therefore he hasn’t received the best evaluations for his lectures.