Few people could claim Wall Street as greedy and a heartless place. But the popular American writer, speaker, and former stockbroker could manage to do so. In 1999, Belfort was accused of a long term scam involving penny stocks and manipulating the stock market.
During his time spent in prison he wrote two memoirs, The Wolf of Wall street based on which a movie was released in 2013 starring Leonardo DiCaprio and another memoir Way of the Wolf. Belfort was also accused of profiting from his story by stealing money from innocent people. Later on, Belfort rediscovered himself as a motivational speaker and his primary topic is the distinction between greed, ambition, and passion on Wall Street.
Jordan Belfort Biography: Age, Early Life
Born in 1962, Jordan Ross Belfort grew up in Queens, New York. He started showing interest in the financial sector at an early age. He narrated in his first memoir that when he was a kid he worked with one of his friends to sell Italian water ice desserts made from cheap styrofoam coolers at a beach near his home. This made them earn $20,000 during Summer between high school and college.
Jordan Belfort Education Details
Since started earning money at an early age with his intelligence, he wanted to study dentistry by using his money after completing his study in Biology at an American University. But when he heard the dean of the University of Maryland School of Dentistry saying to students that dentistry isn’t a path to gain financial success, he instantly dropped out. Belfort’s wish was always to achieve financial success.
Jordan Belfort Career Details
After dropping out of the dentistry school Belfort was a door-to-door salesman. The venture was successful and he was able to build a team of several workers. But when Belfort was at his 25, the business failed and he was bankrupted. It was then when one of his friends introduced him to stockbroking and he started finding interest in it.
At the age of 30, he started his firm Stratton Oakmont, a brokerage house that did notably well and was linked to the IPOs of three dozen different companies.
Jordan Belfort Net Worth
Surprisingly Belfort’s net worth is not at all high! The massive income which he earned was from Stratton Oakmont. Later on, he earned by selling his memoirs. Recently he earns mostly from his motivational speaking seminars. His net worth is $-100 million because he has to pay more than $100 million to the investors whom he defrauded.
Jordan Belfort Marriage Details
He married Denise Lombardo in 1985, but they separated in 1991. After the divorce, he married Nadine Caridi, a British model. He has two children from Nadine. But his second marriage also didn’t work out due to Belfort’s drug addiction and physical assault. Currently, he is engaged to his long-term friend Anne Koppe.
Jordan Belfort Scams, Crimes And Frauds
As a founder of Stratton Oakmont, Belfort committed all illegal activities. Through the pump-and-dump schemes, artificially inflated the price of penny stocks. His firm was a type of boiler room who used to pressure investors to put their money into high speculated securities. When the firm was at its peak it used to have 1000 stockbrokers. Stratton Oakmont was surveilled by National Association of Securities Dealers and later in the year 1996 the firm was closed. And in 1999 Belfort and his partner Danny Porush were charged under money laundering and securities fraud. For the pump-and-dump scheme fraud which might have cost his investors $200 million, Belfort was sentenced to four years imprisonment.
Jordan Belfort Life After Prison
After his release from prison, apart from having his memoirs published he also rediscovered himself as a motivational speaker. He mostly speaks on ethics and motivation in the financial world to the application of sales skills. Belfort, later on, regretted his mistakes which he committed during Stratton Oakmont and has quoted his drug addiction being the reason behind all those misdeeds. In 2014, media brought forward his ties between an Australian employee training company which may have illegally involved government funding.
Quick Facts About Jordan Belfort
Age: 57 years
Height: 1.7 m
Weight: 67 kg
Sexual Orientation: Straight
Net Worth: $-100 million