Jordan Belfort Net Worth
Jordan Belfort net worth: Jordan Belfort is an American author, motivational speaker, and former stockbroker who has a net worth of -$100 million dollars. In 1999, he pleaded guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam. Belfort spent 22 months in prison as part of an agreement under which he gave testimony against numerous partners and subordinates in his fraud scheme. He published the memoir The Wolf of Wall Street in 2007, which was adapted into a film of the same name in 2013 starring Leonardo DiCaprio.
Early Life: Jordan Belfort was born in The Bronx, New York on July 9, 1962, to a Jewish family. He was raised in Bayside, Queens. In the summer between high school and college, Belfort and a close friend made $20,000 selling Italian ice from styrofoam coolers to people on the beach. Belfort attended American University, graduating with a degree in biology. He originally planned on becoming a dentist and enrolled at the University of Maryland School of Dentistry. He left after one day when the dean of the school said: "The golden age of dentistry is over. If you're here simply because you're looking to make a lot of money, you're in the wrong place."
Career: Belfort sold meat and seafood door-to-door on Long Island, New York. He grew his meat-selling business to employ several people and sold 5,000 pounds of beef and fish each week. At 25, he filed for bankruptcy. After that, a family friend helped him find a job as a stockbroker trainee at L.F. Rothschild. He was laid off after the firm experienced financial difficulties after the Black Monday stock market crash of 1987. This was his first exposure to the securities industry, and after seeing how much money his fellow brokers were making, he quickly made the decision to shift his career path. He spent the next few years working for multiple firms, learning as much as he could, and becoming more and more adept at crafting successful sales pitches. In 1989, he decided to branch out on his own.
In the early 1990s, Belfort founded Stratton Oakmont, which was basically a boiler room that marketed penny stocks. Belfort and his employees defrauded investors in what is known as a pump and dump scheme. At one point, Belfort employed over 1,000 stockbrokers and had more than $1 billion under management, including the IPO of footwear company Steve Madden Ltd. Stratton Oakmont was under near-constant scrutiny by the National Association of Securities Dealers. In December 1996, the NASD expelled Stratton Oakmont from its membership and put it out of business. The 2000 film Boiler Room was based on Belfort and Stratton Oakmont.
Legal Issues: Belfort was indicted for securities fraud and money laundering in 1999. He served 22 months of a four-year sentence in exchange for a plea deal with the FBI for the pump and dump scams he ran that cost his investors $200 million. While in prison, Tommy Chong was his cellmate and Chong encouraged him to write about his experiences.
Restitution: Jordan Belfort was indicted for money laundering and fraud in 1998. He was convicted of securities fraud and money laundering and would go on to spend almost two years in jail. He also had to pay clients back $110 million of the $200 million that he stole from more than 1500 defrauded clients. To date, he has only paid back $11.6 million worth of restitution. The majority of those funds came from the sale of various properties Mr. Belfort had acquired during his high flying Wall Street pump and dump days.
Motivational Speaking Career: Belfort has reinvented himself as a motivational speaker. His speaking engagements are handled by his business Global Motivation, Inc. In 2014, Belfort was spending about three weeks a month on the road for speaking engagements. The main theme of his speeches includes the importance of business ethics and learning from the mistakes that he made during the 1990s—such as believing that he was justified in skirting the rules of financial regulators simply because it was a common thing to do. His per-engagement speaking fees have been about $30,000–75,000 and his per sales seminar fee can be $80,000 or more. The main subject matter of his seminars is what he has called "Straight Line System," a system of sales advice. Some reviewers have reacted negatively to the content of the speeches, specifically Belfort's recounting of stories from the 1990s.
He also did a tour of live seminars in Australia called "The Truth Behind His Success." He also runs sales seminars entitled "Jordan Belfort's Straight Line Sales Psychology". When he first began speaking, he focused largely on motivation and ethics, then moved his focus to sales skills and entrepreneurship.
Writing Career: Belfort wrote the two memoirs The Wolf of Wall Street and Catching the Wolf of Wall Street which have been published in approximately 40 countries and translated into 18 languages. His memoir The Wolf of Wall Street was turned into a movie starring Leonardo DiCaprio, Jonah Hill, and Margo Robbie. Martin Scorsese directed the film. He also wrote Way of the Wolf: Become a Master Closer with Straight Line Selling, which was released in 2017.
Personal Life: During his years at Stratton, Belfort led a lavish lifestyle and threw frequent parties. He also used recreational drugs, especially methaqualone, or quaaludes. Belford and his first wife Denise Lombardo divorced during his time running Stratton Oakmont. He married British-born, Brooklyn-raised model Nadine Caridi, whom he met at a party and had two children with her. They separated after she accused him of domestic violence and divorced in 2005.
Belfort was the final owner of the luxury yacht Nadine, which was originally built for Coco Chanel in 1961. The yacht was renamed after Caridi. In June 1996, the yacht sank off the east coast of Sardinia. The Italian Navy special forces unit COMSUBIN rescued all who were aboard the vessel. Belfort said that he insisted on sailing out in high winds against the advice of his captain, resulting in the sinking of the vessel when waves smashed the foredeck hatch.
In 2015, Belfort got engaged to his long-time girlfriend Anne Koppe.
Belfort is an avid tennis player.
Real Estate: In 2001, the federal government seized Belfort's Long Island, New York mansion and then sold to pay back some of Belfort's fraud victims. Since that time, the home has been sold several times. It hit the market in 2017 for $3.4 million. In August 2018, the price was slashed to $2.89 million.
|Net Worth:||-$100 Million|
|Date of Birth:||Jul 9, 1962 (58 years old)|
|Profession:||Motivational speaker, Entrepreneur, Author, Film Producer, Screenwriter|
|Nationality:||United States of America|