In this article, we will talk about Jordan Beltford, who is also known as “the Wolf of Wall Street”, who made millions in the 1990s by defrauding his investors.
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Biography
Jordan Belfort with the nickname ” the Wolf of Wall Street” was born on the 9th of July 1962, in Bronx, New York to Max and Leah who were both accountants. He graduated with a degree in biology from the American University. Jordan earned $20,000 with his friend Elliot Loewenstem selling ice from styrofoam coolers to people at a local beach.
He enrolled in the University of Maryland School of Dentistry after using the money earned with Elliot to pay for the dental school. Jordan dropped out of school after the dean of the University of Maryland School of Dentistry warned students that dentistry is not a path to financial success.
His Career
Jordan Belfort became a door-to-door meat seafood salesman on Long Island after his short stint in dental school. He claim his business was successful and he was able to employ several workers and sold 5,000 pounds of meat and fish a week. At age 25, the business failed and he filed for bankruptcy. He became interested in stockbroking, a position he entered with a help of a family friend.
He founded the financial firm Stratton Oakmont, an over-the-counter brokerage house. Stratton Oakmount did remarkably well over the next several years and was linked to the IPOs of nearly three dozen different companies. in the position as founder of Stratton Oakmont, Belfort committed illegal activities which sent him to prison. He participated in different frauds, including pump-and-pump schemes to officially inflate the price of penny stocks.
National Association of Securities Dealers pursued consistent legal actions against the firm. the firm was shut down in 1996. Jordan and his associates were indicted for money laundering and securities fraud. he pleaded guilty to fraud the pump-and-dump schemes which may have cost his investors as much as $200 million. He was sentenced to four years in prison and ultimately served 22 months in prison.
Net Worth
Genius and celebrity wealth have reported that jordan s current net worth is negative balance of $100 million, which means he owe actually owes instead of owning that amount.
