|Net Worth:||$2 Million*|
|Born:||July 9, 1962|
|Country of Origin:||United States of America|
|Source of Wealth:||Entrepreneur|
Jordan Belfort rose to fame some years ago because of the wildly acclaimed movie “The Wolf of Wall Street” directed by Martin Scorsese, which pictures the tales of Belfort uprising and later downfall in the ‘90.
The movie, a huge success nominated for five Oscar, depicts the ‘wild’ life of Belfort, that between taking heavy drugs and accompanying himself with prostitutes, he set up a scam that involved selling penny stocks. In 1999 he pleaded guilty to fraud and related crimes with stock-market manipulation and penny-stock scam.
Today, Jordan Belfort is working as a motivational speaker, and as of 2020, he has an estimated net worth of $ 2 million.
*Jordan Belfort was sentenced to pay roughly $110 million in restitution, but most of that has not been paid. He still owes nearly $100 million, and of the amount that he has paid, most of it came from selling assets near the beginning of his sentence. (source) This is why it is possible to claim that, despite living a comfortable life thanks to his current work as motivational speaking and sales trainer, Belfort has a negative net worth.
Who Is Jordan Belfort?
After deciding to collaborate with the FBI and having been in prison for 22 long months (not so long considering that the sums stolen by Belfort would amount to about 250 million dollars), Belfort decided to narrate his story in the best-selling book The Wolf of Wall Street.
In 2009 he published the sequel Catching the Wolf of Wall Street: More Incredible True Stories of Fortunes, Schemes, Parties, and Prison where life is described after his arrest.
But let’s start at the beginning of his life. Belfort began his career working at the prestigious investment bank, L. F. Rothschild. In 1987, however, the Black Monday hit hard the Stock Exchange. Wall Street lost more than 20%, and Belfort also lost his job too…
As described in his first book, Belfort managed to find a job at the Investment Center, a relatively small company that used to sell penny stocks.
After having seen huge potential in selling this kind of higher risk share of a company, Belfort decided to go into business with Danny Porush, founding Stratton Oakmont, with offices at Marcus Ave in 1979 in New Hyde Park, on the island of Long Island in New York. Here most of Jordan Belfort’s wrongdoings begin to start.
How Stratton made money had an everyday basis. Belfort & Company bought shares of a company of little value and therefore reselling them to a series of unfortunates.
Belfort and partners made both money on commissions originating from the “Pump and Dump” scheme but also thanks to the so-called “Rathole” technique.
Rathole in Stratton’s jargon was the code name for the candidates, that is, people who owned a portion of the shares for purely representative reasons. There was nothing illegal about being a candidate, but this trick was used for a second purpose: secretly buying large blocks of new titles issued by Stratton.
As is showed in the movie as well, the most prominent example was that of Steve Madden’s IPO. The company was only allowed to join the NASDAQ if Stratton Oakmont, the subscriber, had retained 5% of the stock. Of the two million shares offered to the IPO, one million went to the “ratholes.” Jordan then rebought the units from his ratholes at $ 5.5 per share (based on the contract) and then put the “pump and dump” scheme into practice bringing the share price to as much as $ 20 per unit, bringing up essentially 15 million dollars in a few minutes.
The story of Belfort is made of luxury, drugs and unbridled sex. The episode is also curious (also described in Scorsese’s film) in which an employee agrees to have his hair cut to zero in exchange for 10 thousand dollars, to get plastic surgery at her breast.
Jordan Belfort Today
Ok, Jordan Belfort was a white-collar criminal who ruined the lives of thousands of families, and today he is indeed not as wealthy as he used to be in 1990, but his new business as a motivational speaker is going well. Jordan is back in the business game and holds courses and seminars throughout the year on “Sales and persuasion” that can cost up to $ 5,000 per lesson!
So, to make it simple, he still earns a lot of money, finally now in an ethical way. We can say, however, that today he receives only a small part of what he used to earn with Stratton Oakmont.
Much of the television rights and book sales are also helping him to pay what he owes to the law and scammed families over the years.
Jordan Belfort Quotes
“Without action, the best intentions in the world are nothing more than that: intentions.”Jordan Belfort
“The only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can’t achieve it.”Jordan Belfort
“When you live your life by poor standards, you inflict damage on everyone who crosses your path, especially those you love.Jordan Belfort
“Winners use words that say ‘must’ and ‘will’.”Jordan Belfort
“Successful people are 100% convinced that they are masters of their own destiny, they’re not creatures of circumstance, they create circumstances if the circumstances around them suck they change them.”Jordan Belfort
“You don’t choose who you fall in love with, do you? And once you do fall in love—that obsessive sort of love, that all-consuming love, where two people can’t stand to be apart from each other for even a moment—how are you supposed to let a love like that pass you by?”Jordan Belfort
“If you want to be rich, never give up. People tend to give up. If you have persistence, you will come out ahead of most people. More importantly, you will learn. When you do something, you might fail. But that’s not because you’re a failure. It’s because you have not learned enough. Do it differently each time. One day, you will do it right. Failure is your friend.”Jordan Belfort
“Act as if! Act as if you’re a wealthy man, rich already, and then you’ll surely become rich. Act as if you have unmatched confidence and then people will surely have confidence in you. Act as if you have unmatched experience and then people will follow your advice. And act as if you are already a tremendous success, and as sure as I stand here today – you will become successful.”Jordan Belfort
“No matter what happened to you in your past, you are not your past, you are the resources and the capabilities you glean from it. And that is the basis for all change.”Jordan Belfort
“Whether you say, ‘I can’ or ‘I can’t,’ you’re right either way.”Jordan Belfort
“The easiest way to make money is – create something of such value that everybody wants and go out and give and create value, the money comes automatically.”Jordan Belfort
“I’ve got the guts to die. What I want to know is, have you got the guts to live?”Jordan Belfort
“Everything that has happened to you up to this point is irrelevant. It’s your past.”Jordan Belfort
“If you give people a good enough ‘why’, they will always figure out the how.”Jordan Belfort
“I want you to back yourself into a corner. Give yourself no choice but to succeed. Let the consequences of failure become so dire and so unthinkable that you’ll have no choice but to do whatever it takes to succeed.”Jordan Belfort
“If you try and fail, people will praise you for trying. If you fail to even try people will ignore you.”Jordan Belfort
“I want you to deal with your problems by becoming rich.”Jordan Belfort
“Dream stompers are people who want to stomp on your hopes and dreams. Lose their phone numbers.”Jordan Belfort
“The best way to sell something: don’t sell anything. Earn awareness, respect,Jordan Belfort
andtrust of those who might buy.”
“You need to see things as they are, not worse than they are than see them better than they are and make them that way.”Jordan Belfort
“Create a vision that makes you wanna jump out of bed in the morning.”Jordan Belfort
“Average sucks.”Jordan Belfort
“There are always patterns in everything, there are patterns in books, there are patterns in human behavior, there are patterns in success, there are patterns for everything in life. You just need to pay attention to them.”Jordan Belfort