Jordan Belfort Net Worth -$100 Million Updates What is Jordan Belfort's Net Worth Jordan Belfort is a convicted felon, former stockbrok...
Jordan Belfort Net Worth -$100 Million Updates
What is Jordan Belfort's Net Worth
Jordan Belfort is a convicted felon, former stockbroker, and author. As of this writing, Jordan Belfort's net worth is negative $100 million.
Category:
Richest Business › Wall Street
Net Worth:
-$100 Million
Date of Birth:
Jul 9, 1962 (60 years old)
Place of Birth:
The Bronx
Gender:
Male
Profession:
Motivational speaker, Entrepreneur, Author, Film Producer, Screenwriter
Nationality:
United States of America
Between 1989 and 1996, Jordan was in charge of the financial company Stratton Oakment, which ran "pump-and-dump" schemes that scammed innocent people out of hundreds of millions of dollars. In 1999, Belfort and Danny Porush, who helped start the company, were charged with theft and laundering money. Both of them admitted guilt. In return for assisting the government, their sentences were cut.
In 2007, Jordan wrote a book about his life called "The Wolf of Wall Street." It was made into a movie of the same name, with Leonardo DiCaprio and Martin Scorsese in the lead roles. In 2013, the movie came out. The 2000 movie "Boiler Room" was partly based on Belfort and his old financial firm, Stratton Oakmont.
Fans of the movie will be disappointed to learn that Jordan Belfort was never called "the Wolf of Wall Street" when he was making money schemes. Jordan gave himself this name while he was in jail and writing his autobiography. The movie says that a writer for Forbes in 1991 gave Jordan that name. That is not true. The real title of the Forbes piece was "What's the Difference Between Steaks and Stocks?" Belfort used to sell steaks and fish door-to-door on Long Island before he became a stock broker. Later, the story called Jordan a "twisted Robin Hood who takes from the rich and gives to himself and his merry band of brokers." The article also said that his business plan was to "push risky stocks on investors who were too trusting."
The fact that many of Jordan's victims were not wealthy was not shown very well in the movie. They had little money and couldn't afford to lose what they did.
Jordan stole about $200 million from his victims during his fake rule of terror. As a form of compensation, he was told to pay back $110 million. As of this writing, only $10 million has been paid back. So, his net worth is less than $100 million.
Early Years
Jordan Ross Belfort was born on July 9, 1962, in The Bronx, New York. He grew up in a Jewish home 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 people on the beach. Biology was his major at American University, where he got his degree. He went to the University of Maryland School to become a dentist. He stopped going to school after the first day, when a teacher told him that being a dentist wasn't a good way to get rich.
Career
On Long Island, New York, Belfort offered meat and seafood door-to-door. His business selling meat grew from a one-person job to a company with several employees that sold 5,000 pounds of beef and fish every week. At age 25, he filed for bankruptcy and got a job as a stockbroker trainee at L.F. Rothschild. Belfort's first boss is said to have told him that masturbating, cocaine, and hookers were the keys to success. After the Black Monday stock market crash in 1987, this company fired him. Even after this defeat, Belfort was determined to make as much money as the more experienced stockbrokers. Belfort worked for a number of banking firms in the late 1980s, learning as much as he could. He got good at selling, and in 1989 he chose to start his own company.
In the early 1990s, Belfort set up Stratton Oakmont. In a boiler room, the company sells cheap stocks. Belfort cheated his clients by using a scheme called "pump and dump." At the peak of Stratton Oakmont's success, Belfort had more than 1,000 stockbrokers working for him and more than $1 billion in assets under his control. But Belfort and Stratton Oakmont were on the radar of the National Association of Securities Dealers. The business activities of the company were closely watched by the association. Then, in December 1996, Stratton Oakmont was kicked out of the National Association of Securities Dealers, and the company went out of business.
Belfort may have used Swiss banks to clean his money. The money was brought into Switzerland with the help of both his mother-in-law and his wife's aunt. People say that when he ran Stratton Oakmont, he had parties with midget-throwing contests.
Legal Issues
In 1999, Belfort was charged with theft in the stock market and laundering money. In exchange for a deal with the FBI, he did 22 months of a four-year sentence. Investors lost $200 million because of the scams he pulled.
Restitution
In 1998, Belfort was charged with money laundering and theft. He was found guilty of stock fraud and laundering money and went to prison for almost two years. He also had to pay back $110 million of the $200 million he stole from more than 1,500 people. Only about $10 million of the $110 million have been paid back so far.
A career in Motivational Speaking
Since getting out of jail, Belfort has changed his life by becoming a motivational speaker. He started a company called Global Motivation, Inc. About three weeks a month, he was on the road giving speeches about how important ethics are in business and how important it is to learn from mistakes. In the 1990s, he thought it was okay to break the rules set by banking regulators because a lot of other people did the same thing. It will cost you between $30,000 and $75,000 to book Belfort as a speaker. Booking him for sales training costs $80,000 and up. People have said bad things about his statements, especially when he talks about how he broke financial rules in the 1990s.
Personal Life
During his time at Stratton, Belfort lived a luxurious life and hosted many parties. He also used drugs for fun, especially methaqualone, which is also called quaaludes.
During the time that Belfort ran Stratton Oakmont, he and his first wife, Denise Lombardo, split up. From 1985 to 1991, they were married.
Tommy Chong was his cellmate in jail, and he was the one who told Belfort to write "The Wolf of Wall Street."
In 1991, he married Nadine Caridi, a model who was born in Britain. At a party, they met. Together, they had two kids, Chandler and Carter. They broke up in 2005 after she accused him of domestic violence that was probably caused by drugs.
Belfort bought the expensive yacht Nadine, which was built for Coco Chanel in 1961. He changed the name of the boat to honor his second wife. In June 1996, the ship sank off the coast of Sardinia. All of the people on the boat were saved by the Special Forces of the Italian Navy. Later, Belfort said that, even though the ship's captain told him not to, he insisted on sailing the boat when there were strong winds.
Real Estate
In 2001, the federal government took Belfort's house on Long Island, New York, and sold it so that some of Belfort's fraud victims could get their money back. Since then, the house has changed hands a few times. In 2017, it went on sale for $3.4 million. The price was cut to $2.89 million in August 2018.