Jordan Belfort Net Worth (Money & Salary)

Jordan Belfort’s Net Worth is

an American former stockbroker, convicted felon, and author, Jordan Belfort, possesses a net worth of negative $100 million. Referred to as “the wolf of Wall Street,” he actually never earned this nickname during his financial career. The moniker was coined by himself while in prison writing his memoir.

Operating the financial firm Stratton Oakmont from 1989 to 1996, Belfort masterminded pump-and-dump schemes defrauding hundreds of millions from innocent victims. Convicted in 1999 for securities fraud and money laundering, he cooperated with prosecutors, resulting in reduced sentences for him and his co-founder Danny Porush.

Loosely depicted in the 2013 film “The Wolf of Wall Street,” starring Leonardo DiCaprio, directed by Martin Scorsese, the portrayal of Belfort’s life in the movie was heavily criticized for glorifying the criminal actions that devastated victims. The impact on the true victims of Belfort’s fraud was arguably understated or overlooked in the film, which helped elevate his image and launch his career as a motivational speaker.

Restitution

During his fraudulent activities, Belfort embezzled around $200 million from 1,513 victims. Sentenced in 2003, he was ordered to repay $110 million as restitution, alongside serving a reduced prison term due to aiding prosecutors. Despite being obligated to give 50% of his income to victims, his payments were sporadic, with only a fraction repaid to date.

A significant portion of his restitution came from selling property. Currently, around $100 million remains unpaid to victims, warranting further legal action against him for concealed earnings.

“Wolf of Wall Street” Nickname

The nickname “Wolf of Wall Street” was coined by Belfort himself while drafting his memoir in jail. The portrayal of Forbes bestowing him this title is inaccurate, with the actual article depicting him more critically as a manipulative figure in financial markets.

Early Life

Born on July 9, 1962, in The Bronx, New York, Jordan Ross Belfort grew up in Bayside, Queens, in a Jewish family. During the summer between high school and college, Belfort and a close friend earned $20,000 selling Italian ice from coolers at the beach. He graduated from American University with a degree in biology but left dental school at the University of Maryland after the first day of classes upon hearing that being a dentist wasn’t a path to wealth.

Career

Initially selling meat and seafood door-to-door on Long Island, Belfort expanded the business into a company selling 5,000 pounds of beef and fish weekly. After filing for bankruptcy at 25, he became a stockbroker trainee at L.F. Rothschild. Following the 1987 Black Monday crash, he was laid off but remained determined to earn big money like his senior colleagues. Belfort later founded Stratton Oakmont, engaging in fraudulent practices that ultimately led to the firm’s downfall in 1996.

Allegedly laundering money into Swiss banks and organizing extravagant parties with controversial activities like midget-tossing, Belfort’s exploits attracted significant media attention and legal repercussions.

Motivational Speaking Career

Upon his release from prison, Belfort rebranded himself as a motivational speaker through his business, Global Motivation, Inc. He tours extensively, delivering speeches emphasizing ethical business practices and learning from past mistakes.

Writing Career

In addition to his acclaimed memoirs, Belfort authored “Way of the Wolf: Become a Master Closer with Straight Line Selling”. His first memoir, “The Wolf of Wall Street,” was adapted into a film directed by Martin Scorsese.

Personal Life

Described for leading a lavish lifestyle marked by extravagant parties and drug use, notably quaaludes, Belfort’s personal life has been tumultuous with multiple marriages, including his union with British-born model Nadine Caridi.

His experiences in prison, encounters with figures like Tommy Chong, and notorious yacht mishap add colorful details to his well-documented life history.

Long Island Mansion

In 1992, Belfort purchased a mansion in Old Brookeville, New York, later seized by the government to compensate fraud victims. The property experienced fluctuating market values before eventually being sold in 2018.