November 11, 1974
Hollywood, Los Angeles, California, USA
The Wolf of Wall Street true story confirms that, like in the movie, Stratton Oakmont was the name of the real Jordan Belfort's Long Island, New York brokerage house. Belfort and co-founder Danny Porush (played by Jonah Hill in the movie) chose the name because it sounded prestigious ( NYTimes.com ). The firm would later be accused of manipulating the IPOs of at least 34 companies, including Steve Madden Ltd. (their biggest deal), Dualstar Technologies, Paramount Financial, D.V.I. Financial, M. H. Meyerson & Co., Czech Industries, M.V.S.I. Technology, Questron Technologies, and Etel Communications.
Belfort's Stratton Oakmont brokerage firm ran a classic "pump and dump" operation. Belfort and several of his executives would buy up a particular company's stock and then have an army of brokers (following a script he had prepared) sell it to unsuspecting investors. This would cause the stock to rise, pretty much guaranteeing Belfort and his associates a substantial profit. Soon, the stock would fall back to reality, with the investors bearing a significant loss. -NYTimes.com
At its peak in the 1990s, Stratton Oakmont, Belfort's firm that he co-founded with Danny Porush, employed more than 1,000 brokers. -TheDailyBeast.com
No. "We never abused [or threw] the midgets in the office; we were friendly to them," Danny Porush (the real Donnie Azoff) says. "There was no physical abuse." Porush does admit that the firm hired little people to attend at least one party. Jordan Belfort's memoir The Wolf of Wall Street only discusses the tossing of little people as a possibility, not something that actually happened. -MotherJones.com
The events in The Wolf of Wall Street movie took place during the late 1980s and early 1990s. Jordan Belfort and Danny Porush founded the brokerage firm of Stratton Oakmont in the late 1980s. The securities fraud and money laundering charges brought against the firm involved companies that Stratton Oakmont helped raise money for in public stock offerings from 1990 through 1997. In 1996, Stratton Oakmont was banned from the brokerage industry, which eventually forced the company to close its doors. -NYTimes.com
No, at least not according to the former co-founder and president of the Stratton Oakmont brokerage firm, Danny Porush (portrayed by Jonah Hill in the movie). The real Porush says that he is not aware of anyone at the firm calling Jordan the "wolf." Porush says that it's just one of a number of exaggerations and inventions in both Belfort's book and the movie. -MotherJones.com
Yes. In exploring The Wolf of Wall Street true story, we learned that Jordan Belfort claims to have met Matthew McConaughey's character's real-life counterpart, Mark Hanna, in 1987 when he was working at the old-money trading firm of L.F. Rothschild. His new acquaintance was an uproarious senior broker at the firm and introduced Belfort to the excess and debauchery that Belfort would later make a daily staple at Stratton Oakmont. Like in the movie, the real Mark Hanna behind McConaughey's character told Belfort that the key to success was masturbation, cocaine and hookers, in addition to making your customers reinvest their winnings so you can collect the commissions. -TheDailyBeast.com
Yes. In The Wolf of Wall Street movie, Jordan Belfort (Leonardo DiCaprio) is shown snorting cocaine off a prostitute's backside and nearly crashing his private helicopter while high on a cocktail of prescription drugs, including Quaaludes, morphine and Xanax. In researching The Wolf of Wall Street true story, it quickly became clear that Belfort used drugs heavily in real life too. In his memoir, he states that at times he had enough "running through my circulatory system to sedate Guatemala."
Yes. Belfort was known to stir his troops into action by belting out words of motivation through a microphone. However, his speeches were often filled with more self-adulation than DiCaprio's speeches in the movie.
The real Jordan Belfort claims this is true in his memoir. The female employee let them shave off her blonde hair for $10,000, which she used to pay for D-cup breast implants. Co-founder Danny Porush also says that the shaving took place, "...the worst we ever did was shave somebody's head and then pay 'em ten grand for it," says Porush. -MotherJones.com
Yes. The character in the movie, Brad Bodnick, who has a goatee and is portrayed by The Walking Dead 's Jon Bernthal, is based on Jordan Belfort's real-life Quaalude supplier, Todd Garret. In his memoir, the real Jordan Belfort claims that Garret sold him approximately 10,000 Quaaludes.
No. According to co-founder Danny Porush (played by Jonah Hill in the movie), the scene where Leonardo DiCaprio's character pals around with a chimp is pure monkey business. "There was never a chimpanzee in the office," says Porush. "There were no animals in the office...I would also never abuse an animal in any way" (though he does admit to eating the goldfish, see below). -MotherJones.com
Yes. According to Jordan Belfort's memoir, the real Donnie Azoff (whose actual name is Danny Porush) did marry his first cousin Nancy "because she was a real piece of ass." After twelve years of marriage, the couple divorced in 1998 after Danny told Nancy that he was in love with another woman ( NYPost.com ). Danny and his ex-wife share three children together.
Though the movie and Belfort's memoir might seem like gross exaggerations of the truth, depicting heavy drug use and sexcapades in the office during trading hours, they're not exaggerations at all says the F.B.I. agent who finally took Belfort into custody, "I tracked this guy for ten years, and everything he wrote is true." Kyle Chandler portrays the agent in the Martin Scorsese movie. -NYTimes.com
Yes, but according to Belfort the car wasn't a Lamborghini like in the movie, it was a Mercedes. He was so high in a drug daze that he couldn't remember causing several different accidents as he tried to make his way home. In real life, one of the accidents was a head-on collision that actually sent a woman to the hospital. -TheDailyBeast.com
Yes. According to the real Donnie Azoff, whose actual name is Danny Porush, the scene where Jonah Hill's character eats a goldfish is based on a true story. "I said to one of the brokers, 'If you don't do more business, I'm gonna eat your goldfish!'" Porush recalls. "So I did." -MotherJones.com
In one scene of The Wolf of Wall Street movie, bricks of cash are taped to a Swiss woman's body. "[I] never taped money to boobs," the real Danny Porush says (played by Jonah Hill in the movie). According to Jordan Belfort's memoir, the event did happen but his partner Porush wasn't there. -MotherJones.com
Yes. As shown in The Wolf of Wall Street movie, Steve Madden had been a childhood friend of Belfort's partner Danny Porush (renamed Donnie Azoff in the movie and portrayed by actor Jonah Hill). Their fondness for drugs and alcohol reunited the two of them. During the initial public offering of his footwear company, Steve Madden Ltd., Madden acquired a large number of shares of his company, which were actually being controlled by Belfort and his firm, Stratton Oakmont. Once shares became available to the public, Stratton Oakmont got down to the business of selling them to unsuspecting suckers. Billing Madden's company as the hottest issue on Wall Street, Belfort's brokers in turn drove up the price. Eventually, Steve Madden was to sell off his shares when the hype was at its peak, just before the stock began its inevitable decline. Similar to what is seen in the movie, Belfort still maintains that Steve Madden tried to steal his Steve Madden shares from him. However, Jordan Belfort did make approximately $23 million in two hours as part of the deal with Steve Madden, who would later be charged as an accomplice to Belfort's scheme. -NYTimes.com For his part, Steve Madden was sentenced to 41 months in prison and was forced to resign as CEO of Steve Madden Ltd. He also resigned from the company's board of directors. However, he did not leave the company entirely. He kept his foot (or shoe) in the door by giving himself the title of creative consultant, for which he was well-compensated even while he was in prison. -Slate.com
Yes. In real life, Belfort's 167-foot yacht, which was originally owned by Coco Chanel, sunk off the coast of Italy when Belfort, who was high on drugs at the time, insisted that the captain take the boat through a storm ( TheDailyBeast.com ). Listen to Belfort tell the story during The Room Live 's Jordan Belfort interview . As he states in the interview, his helicopter didn't fall off the boat during the storm like in the movie. Instead, they had to push the helicopter off of the top deck of the boat to make room for the rescue chopper to drop down an Italian Navy commando.
FBI agent Gregory Coleman, renamed Patrick Denham for the film and portrayed by actor Kyle Chandler, made tracking Belfort and his firm, Stratton Oakmont, a top priority for six years. In an interview ( watch here ), Coleman says that the factors that drew his attention to the firm were "the flashiness, the brashness of their activities, the blatantness of the way they were soliciting people and cold calling people, and the number of victims that were complaining on a daily basis." -CNBC
Yes. The Wolf of Wall Street movie shows Jordan (Leonardo DiCaprio) hitting his wife (Margot Robbie) with his hand and fist. According to his memoir, he actually kicked his wife Nadine down the stairs while he was holding his daughter. She landed on her right side with "tremendous force."
Yes. In real life, he put his daughter Chandler in the front seat of the car without a seat belt on, before crashing it through the garage door and then driving full speed into a six-foot-high limestone pillar at the edge of the driveway. Like in the movie, he was high at the time.
When he was finally arrested in 1998 for money laundering and securities fraud, Jordan Belfort was sentenced to four years in prison. This was after agreeing to wear a wire and provide the FBI with information to help prosecute various friends and associates. In the end, the true story reveals that he served only 22 months in a California federal prison. His cellmate in prison was Tommy Chong of "Cheech and Chong" fame, who was serving a nine month sentence for selling bongs. -TheDailyBeast.com
It wasn't so much a what as it was a who. Tommy Chong (one half of "Cheech and Chong") was Jordan Belfort's cellmate in prison. After laughing at some of Belfort's stories from his days running the firm, Chong encouraged him to write a book. -TheDailyBeast.com
Jordan Belfort attempted to model his writing after Hunter S. Thompson ( Fear and Loathing in Las Vegas ), who was known for using plenty of exclamation points.
Danny Porush, renamed Donnie Azoff for the movie and played by actor Jonah Hill, served 39 months in prison for his part in the corrupt dealings of Stratton Oakmont, the firm that he co-founded with Jordan Belfort. Porush currently runs a medical supply business in Florida, where he lives with his second wife Lisa in a $4 million mansion. A 2008 Forbes article pointed out his company's fraudulent tactics, which included trying to persuade people to order diabetic supplies and getting them to provide information about their physicians that could be used to bill Medicare. A number of complaints surfaced accusing Porush's company of sending unsolicited packages that were accompanied by unexpected Medicare charges. Back in 2001, Porush was arrested in connection to a fraud scheme surrounding Noble & Perrault Collectibles, a company that sold commemorative coins over the phone. Victims saw their credit cards charged repeatedly, at times for thousands of dollars, while often never receiving any merchandise for purchases that were largely unauthorized to begin with. -Sun Sentinel Enjoying a well-to-do life in Florida, Daniel Porush and his wife drive matching Rolls-Royce Corniche convertibles. With regard to The Wolf of Wall Street movie, Porush said, "I really have no comment other than to say I would never try to profit from a crime I'm so remorseful for." -NYPost.com
Catching the Wolf of Wall Street includes more of Belfort's outrageous stories that were not included in his first book. As we investigated The Wolf of Wall Street true story, we discovered that Jordan's books, The Wolf of Wall Street and Catching the Wolf of Wall Street , netted him a $1 million advance from Random House. He also earned $1 million for the film rights to his story ( TheDailyBeast.com ). In a response to criticism over these profits and future profits from the movie, Jordan Belfort said the following via his Facebook page, "I am not turning over 50% of the profits of the books and the movie, which was what the government had wanted me to do. Instead, I insisted on turning over 100% of the profits of both books and the movie, which is to say, I am not making a single dime on any of this." According to Jordan, the money is being used to pay back the millions still owed to those who were scammed by his brokerage firm Stratton Oakmont.
Yes, the real Jordan Belfort appears at the end of the movie as the person who introduces Leonardo DiCaprio's character before he takes the stage at his Straight Line seminar.
Yes, but only loosely. The brokerage firm in the movie Boiler Room , released in 2000, was inspired by the illegal practices of Jordan Belfort's Stratton Oakmont firm. In the movie, actor Ben Affleck portrays Jim Young, the Belfort-esque co-founder of the firm, who, like Jordan Belfort, trains his brokers in the "pump and dump" scheme. -NYTimes.com
Watch The Wolf of Wall Street movie trailer. Also, view Jordan Belfort interviews and home video footage of him speaking at a Stratton Oakmont party in the 1990s.
Jordan Belfort Speaks at the Stratton Oakmont Christmas Party (1994) The real Jordan Belfort speaks at the 1994 Stratton Oakmont Christmas party. He tells the firm's employees that he is "proud" of what he has accomplished and that the employees should also be proud of the once-in-a-lifetime opportunity they have been given. At the end, he shares a moment with co-founder Danny Porush (Jonah Hill in the movie). The video was posted by Mary Detres, author of the book , which provides an insider's account of what it was like to work at the notorious brokerage firm. |
Jordan Belfort Interview Grant Lewers interviews Jordan Belfort on in 2010 about his memoir . Belfort talks about his life and what led him to start his firm. He offers his four keys to success that he teaches during his seminars and he recounts various stories, including his drug addiction, the story about his yacht sinking from the book, and trying to commit suicide. |
FBI Agent Gregory Coleman Interview (2007) This CNBC interview is from 2007, around the time of the release of Jordan Belfort's first memoir . Following a brief interview with Belfort, during which he describes himself as an "arch-criminal" who was in a way a "cult leader," FBI agent Gregory Coleman speaks about why he was so determined to catch Belfort. |
The Wolf of Wall Street Trailer 2 The second trailer for the Martin Scorsese movie , based on the autobiography of the same name by Jordan Belfort. The movie stars Leonardo DiCaprio, Matthew McConaughey and Jonah Hill. |
The Wolf of Wall Street Trailer Martin Scorsese directs Leonardo DiCaprio in the film adaptation of Jordan Belfort's memoir chronicling his life as a fast-living, corrupt stockbroker during the 1990s. Belfort's criminal ways caught up with him in 1998 when he was convicted of securities fraud and money laundering for which he spent 22 months in Federal Prison. |
We sort out what’s fact and what’s fiction in Martin Scorsese's glitzy new film about a real-life scammer
Drugs, prostitutes, crashed helicopters — the debauchery in The Wolf of Wall Street is so outlandish that audiences might leave the theater thinking director Martin Scorsese took plenty of creative license in telling the story of Jordan Belfort, a New York stock broker who conned his way to earning hundreds of millions in the 1990s. But Scorsese’s film closely follows Belfort’s own memoir , also titled The Wolf of Wall Street .
That said, Belfort glorifies his vulgar antics in his book, so how much of his account is truly real is up for debate. After all, Belfort was a scam artist — he made a living by lying. Scorsese, knowing this, portrays Belfort ( Leonardo DiCaprio ) as an unreliable narrator in the film (see: the changing color of the car in the first scene and the driving while high on Quaaludes episode).
TIME fact-checks the movie against Belfort’s books (he also wrote a sequel entitled Catching the Wolf of Wall Street ) and a series of Forbes articles that have followed Belfort’s scheming.
Belfort’s first boss told him the keys to success were masturbation, cocaine and hookers. Ruling: Fact
According to the book, a broker named Mark Hanna (Matthew McConaughey) gave him this advice early on in his career.
Belfort and his partner owned shares of a risky stock and had their brokers at Stratton Oakmont brokerage aggressively sell the stock to inflate the price. They then sold the stock themselves to turn a profit. Ruling: Fact
Belfort and Danny Porush (called Donnie Azoff in the film and portrayed by Jonah Hill) utilized this age-old pump-and-dump scheme to get rich quick after graduating from scamming middle-class people into buying worthless penny stocks at a 50 percent commission.
Forbes magazine exposed Belfort, calling him a “twisted Robin Hood.” Ruling: Fact
Though Belfort wasn’t on the cover, Forbes did run a profile of him in which they called him “a twisted version of Robin Hood, who robs from the rich and gives to himself and his merry band of brokers.” Though it was a scathing portrait, the promise of quick $100,000 commissions brought job applicants to Stratton Oakmont in droves.
Stratton Oakmont took Steve Madden public. Ruling: Fact
Steve Madden did give a speech the day of the IPO, to which the Stratton Oakmont brokers responded with jeers. Madden, Belfort and Porush owned most of the stock and drove up the price. Belfort, Porush and Madden all went to jail for their scheme.
Belfort laundered his money into Swiss banks using his in-laws. Ruling: Fact
His wife’s mother and aunt both helped smuggle the money into Switzerland .
Now for the really ridiculous stuff…
Danny Porush (Donnie Azoff) was married to his cousin. Ruling: Fact
They’re now divorced.
The driving on Quaaludes scene. Ruling: Mostly fact
It was a Mercedes, not a Lamborghini. But the rest is true to Belfort’s memoir.
The office parties included a “midget-tossing competition.” Ruling: Fact
…According to Belfort.
The company billed prostitutes to the corporate card. Ruling: Fact
…And wrote them off in their taxes.
He crashed a helicopter in his front yard while high. Ruling: Fact
On a related note, he also did at least attempt to sober up in real life.
He sunk a yacht in Italy. Ruling: Fact
And the yacht used to belong to Coco Chanel.
He called his trophy wife “duchess.” Ruling: Fact
Though her name was Nadine, not Naomi.
He served a reduced prison sentence after ratting on his friends. Ruling: Fact
Turns out Belfort was even more of a jerk than they show in the movie. In the film version, Belfort tries to save his partner from incriminating himself. In reality, Belfort ratted out his partner Porush, among others, for a reduced sentence (the two reportedly no longer speak). Belfort spent only two years in prison and had Tommy Chong (of Cheech and Chong) as his cellmate. Chong convinced Belfort to write a memoir.
He scammed only the rich. Ruling: Fiction
Some writers have criticized Scorsese for portraying Belfort’s lifestyle as glamorous without showing the victims of his scam. Though Belfort claims in his book and in the film that he only took from the wealthy, the New York Times reports that many small business owners are still trying to recover financially from Belfort’s scheme. (The government claims Belfort has failed to pay his restitution, and reports suggest that Porush is still running get-rich-quick schemes.)
The yachting disaster is one of the most dramatic scenes in Martin Scorsese's blockbuster The Wolf of Wall Street , and like many of the tales in the Leonardo DiCaprio flick, it's based on a true story. In real life, predatory tycoon Jordan Belfort bought a yacht in 1993 called Big Eagle and renamed her Nadine , after his English-born second wife. The vessel had been built in 1961 by Witsen & Vis in Holland for fashion icon Coco Chanel, but had undergone many transformations by the time Belfort got his mitts on it. Originally 121 feet long, in the 1970s she was extended by nearly 15 feet, and in 1988 she was cut in half and had another 29-foot section grafted on, finally totaling 167 feet.
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The luxury yacht used in Scorsese's film actually bears little resemblance to the Nadine , being a far more modern vessel. The director hired the 148-foot Lady M , built by Intermarine Savannah in 2002 and refit in 2011, for filming. It features luxury accommodations for 10 guests, and a marble and granite interior with gold accents.
In Coco Chanel's day the yacht was mainly used to cruise from Monaco to Deauville for the summer horse racing season. The real Nadine sank in 1997 during a storm off the east coast of Sardinia while crossing from Porto Cervo to Capri, much as the movie depicts. Belfort has said that his insistence on sailing in a storm caused the yacht to capsize. Luckily, everyone on board at the time was rescued by the Italian coast guard.
For The Wolf of Wall Street , his latest collaboration with Leonardo DiCaprio, Martin Scorsese forewent his signature voiceover style in favor of more direct address: Throughout the movie, DiCaprio, playing the lupine financial huckster Jordan Belfort, looks into the camera and speaks right to the audience. Terence Winter, who wrote the screenplay, explains the use of the technique thusly: “ You are being sold the Jordan Belfort story by Jordan Belfort , and he is a very unreliable narrator.”
It’s important to keep that in mind if you decide to dig into the fact and fiction of the film. The Wolf of Wall Street is quite faithful to the book by Belfort that it’s based on —though there are differences; the key ones are enumerated below. But how faithful is that book to reality?
It can be hard to tell, especially since some of its more outlandish tales turn out to be true. Nonetheless, below is an attempt to suss out the true-to-life from the merely true-to-Belfort in the film version of his story.
Jordan Belfort (Leonardo DiCaprio)
Leonardo DiCaprio, left, as Jordan Belfort, right
Courtesy of Paramount Pictures / Photo by Michael Loccisano/Getty Images
The broad outlines of Belfort’s story are faithfully rendered by the film: A talented but struggling salesman from Long Island, he got a job at venerable investment firm L.F. Rothschild, then was laid off after Black Monday . He went to work at Investors Center, a penny stock house, and a year later opened “ a franchise of Stratton Securities , a minor league broker-dealer,” in “a friend’s car dealership in Queens.” He and his partner earned enough to buy out Stratton and form Stratton Oakmont, which he built into one of the largest over-the-counter brokerage firms in the country. (As in the movie, he hired some old friends .) He did an enormous amount of drugs—including, yes, Lemmon 714s —employed the services of countless prostitutes, and eventually went to prison for the pump-and-dump schemes that made him rich.
Much of DiCaprio’s dialogue comes straight from Belfort’s book, as do nearly all of the hard-to-believe misadventures: landing the helicopter on his lawn while stoned, crashing his car while severely high on Quaaludes, insisting that the captain of his massive yacht sail through choppy waters only to have the boat capsize and then get rescued by the Italian navy. Some of these stories are difficult to verify, but, for what it’s worth, the FBI agent who investigated Belfort told the New York Times , “I tracked this guy for ten years, and everything he wrote is true .” (Even the yacht story checks out .) As for the much discussed tossing of little people, shown at the beginning of the movie: Belfort’s second-in-command says “ we never abused [or threw] the midgets in the office ; we were friendly to them.” That same former exec says there were never any animals in the office, let alone a chimpanzee, and he says that no one called Belfort “the Wolf.” We know, at least, that the nickname was not coined by a Forbes writer . But, for the most part, it’s Belfort’s word against his.
As far as I can tell, Belfort is not a particular advocate of “ sell me this pen ,” a bit of sales interview role-playing that has been around for years . Another minor but notable difference between movie and reality: Belfort, unlike DiCaprio, is a short man, and multiple acquaintances have suggested that his lust for money, power, and attention are evidence of a Napoleon complex . As for the fidelity of DiCaprio’s portrayal otherwise, there are many videos of Belfort you can watch online, including one or two of Stratton Oakmont company parties .
Danny Porush/Donnie Azoff (Jonah Hill)
Photo courtesy Mary Cybulski/Paramount Pictures; Photo courtesy DannyPorush.com
The case of Donnie Azoff (Jonah Hill) is more complicated. For one thing, Azoff is a fictional name, and the character is sometimes described as a composite. His story closely matches that of Danny Porush—but Porush himself has disputed some of the details . Here are the basic facts: Porush lived in Belfort’s building, and he went to work as a trainee under Belfort before Stratton Oakmont. As History vs. Hollywood notes, he did not meet Belfort in a restaurant ; they were introduced by Porush’s wife (and yes, she was his cousin ; they have since divorced). He has admitted to eating a live goldfish that belonged to a Stratton employee, as depicted in the memoir and the movie, but denies the three-way with Belfort and a teenaged employee .
Porush was indeed a childhood friend of Steve Madden’s, and the initial public offering for that women’s shoe company was the biggest bit of business Stratton Oakmont ever did. Madden, like Porush and Belfort, served time in prison for participating in the Stratton scheme.
Nadine/Naomi (Margot Robbie)
Photo courtesy Mary Cybulski/Paramount Pictures; Home video still/CNN/YouTube
The names of Belfort’s wives were also changed for the film. Belfort divorced Denise Lombardo, called Teresa in the movie, after meeting Nadine Caridi at a Stratton Oakmont party . Caridi, called Naomi and played by Margot Robbie, was a model who had appeared in beer commercials; in the book, Befort calls her “the Miller Lite girl.” (You can see one of her ads below.) In both the book and the movie Belfort calls her the Duchess of Bay Ridge (or just the Duchess, for short), because she was born in England but grew up in Bay Ridge, Brooklyn. She really did have an English aunt (named Patricia, not Emma) who smuggled money into Switzerland on Belfort’s behalf, and who died while Belfort’s money was still in Swiss banks. (Belfort also had a drug-dealing friend with Swiss in-laws who did much of the smuggling—and that friend was later arrested after a botched money hand-off with Porush , just as we see in the movie.)
The scene in which Naomi spreads her legs open and tells Jordan he won’t be getting sex any time soon , only to learn that she is in full view of a security camera, is taken right from the book—as is the fight in which she throws water at her husband repeatedly. Belfort acknowledges hitting his wife in the memoir; he says he kicked her down the stairs. He also threatened to take their daughter away, putting her in the car with him and then crashing it into a pillar on their property. He was high.
Belfort and Caridi have since divorced.
Mark Hanna (Matthew McConaughey)
Graphic by Slate. Images courtesy courtesy of YouTube, Paramount Pictures.
The L.F. Rothschild trader who takes Jordan to lunch and tells him that cocaine and masturbation are the keys to success as a stockbroker is based on a real person whose name is not changed in the movie or the book. Mark Hanna has told his own version of the story on YouTube , and he does not seem to dispute the substance of Belfort’s account. (The lunch scene in the film combines two conversations from the memoir, using nearly identical dialogue.) Hanna himself was later convicted of stock fraud . He did not pound his chest and hum rhythmically, as McConaughey does so memorably in the movie; that flourish is based on an acting exercise that McConaughey likes to do , and was, according to the movie’s press notes, incorporated into the film after DiCaprio and Scorsese noticed the actor doing it on set.
Special Agent Gregory Coleman/Patrick Denham (Kyle Chandler)
Courtesy WolfofWallStreet.com/Photo courtesy Mary Cybulski/Paramount Pictures
Patrick Denham is another made-up name, but there really was an FBI agent who followed Belfort closely for years: Gregory Coleman. He told CNBC in 2007 that he was struck by the “ blatantness ” of Belfort’s financial crimes. As far as I can tell, they did not meet on Belfort’s yacht, as the movie suggests ; in the book, Belfort first meets Coleman when the FBI arrives to arrest Belfort at his home. (The arrest did not take place while Belfort filmed an infomercial—that’s a bit of poetic license on Scorsese’s part.)
The Aftermath After his arrest and indictment, Belfort cooperated with the FBI. In the film, Jordan, while wearing a wire, passes a note to Donnie telling him not to incriminate himself. Belfort did not pass such a note to Porush, but, in his second book, Catching the Wolf of Wall Street , he claims to have done just this for his friend Dave Beall . He ultimately served 22 months in prison and was ordered to pay over $100 million in restitution to his victims ( which he has apparently failed to do ). As the film depicts, he became a motivational speaker after leaving prison; at the seminar in the movie, DiCaprio as Jordan is introduced by the real Jordan Belfort (and, in real life, the actor has filmed a testimonial for Belfort ). Belfort is not the only real-life participant to show up in the movie: A private investigator that Belfort employed, Richard “Bo” Dietl, is also in the film; he plays himself.
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It’s important to keep that in mind if you decide to dig into the fact and fiction of the film. “The Wolf of Wall Street” is quite faithful to the book by Belfort that it’s based on — though there are differences; the key ones are enumerated below. But how faithful is that book to reality?
It can be hard to tell, especially since some of its more outlandish tales turn out to be true. Nonetheless, below is an attempt to suss out the true-to-life from the merely true-to-Belfort in the film version of his story.
The broad outlines of Belfort’s story are faithfully rendered by the film: A talented but struggling salesman from Long Island, he got a job at venerable investment firm L.F. Rothschild, then was laid off after Black Monday. He went to work at Investors Center, a penny stock house, and a year later opened “a franchise of Stratton Securities, a minor league broker-dealer,” in “a friend’s car dealership in Queens.” He and his partner earned enough to buy out Stratton and form Stratton Oakmont, which he built into one of the largest over-the-counter brokerage firms in the country. (As in the movie, he hired some old friends.) He did an enormous amount of drugs — including Lemmon 714s — employed the services of countless prostitutes, and eventually went to prison for the pump-and-dump schemes that made him rich.
Much of DiCaprio’s dialogue comes straight from Belfort’s book, as do nearly all of the hard-to-believe misadventures: landing the helicopter on his lawn while stoned, crashing his car while severely high on Quaaludes, insisting that the captain of his massive yacht sail through choppy waters only to have the boat capsize and then get rescued by the Italian navy. Some of these stories are difficult to verify, but, for what it’s worth, the FBI agent who investigated Belfort told The New York Times, “I tracked this guy for ten years, and everything he wrote is true.” (Even the yacht story checks out.) As for the much discussed tossing of little people, shown at the beginning of the movie: Belfort’s second-in-command says “we never abused [or threw] the midgets in the office; we were friendly to them.” That same former exec says there were never any animals in the office, let alone a chimpanzee, and he says that no one called Belfort “the Wolf.” We know, at least, that the nickname was not coined by a Forbes writer. But, for the most part, it’s Belfort’s word against his.
As far as I can tell, Belfort is not a particular advocate of “sell me this pen,” a bit of sales interview role-playing that has been around for years. Another minor but notable difference between movie and reality: Belfort, unlike DiCaprio, is a short man, and multiple acquaintances have suggested that his lust for money, power and attention are evidence of a Napoleon complex. As for the fidelity of DiCaprio’s portrayal otherwise, there are many videos of Belfort you can watch online, including one or two of Stratton Oakmont company parties.
The case of Donnie Azoff (Jonah Hill) is more complicated. For one thing, Azoff is a fictional name, and the character is sometimes described as a composite. His story closely matches that of Danny Porush — but Porush himself has disputed some of the details. Here are the basic facts: Porush lived in Belfort’s building, and he went to work as a trainee under Belfort before Stratton Oakmont. As History vs. Hollywood notes, he did not meet Belfort in a restaurant; they were introduced by Porush’s wife (and yes, she was his cousin; they have since divorced). He has admitted to eating a live goldfish that belonged to a Stratton employee, as depicted in the memoir and the movie, but denies the three-way with Belfort and a teen-aged employee.
Porush was indeed a childhood friend of Steve Madden’s, and the initial public offering for that women’s shoe company was the biggest bit of business Stratton Oakmont ever did. Madden, like Porush and Belfort, served time in prison for participating in the Stratton scheme.
The names of Belfort’s wives were also changed for the film. Belfort divorced Denise Lombardo, called Teresa in the movie, after meeting Nadine Caridi at a Stratton Oakmont party. Caridi, called Naomi and played by Margot Robbie, was a model who had appeared in beer commercials; in the book, Befort calls her “the Miller Lite girl.” In both the book and the movie Belfort calls her the Duchess of Bay Ridge (or just the Duchess, for short), because she was born in England but grew up in Bay Ridge, Brooklyn. She really did have an English aunt (named Patricia, not Emma) who smuggled money into Switzerland on Belfort’s behalf, and who died while Belfort’s money was still in Swiss banks. (Belfort also had a drug-dealing friend with Swiss in-laws who did much of the smuggling — and that friend was later arrested after a botched money hand-off with Porush, just as we see in the movie.)
The scene in which Naomi spreads her legs open and tells Jordan he won’t be getting sex any time soon, only to learn that she is in full view of a security camera, is taken right from the book — as is the fight in which she throws water at her husband repeatedly. Belfort acknowledges hitting his wife in the memoir; he says he kicked her down the stairs. He also threatened to take their daughter away, putting her in the car with him and then crashing it into a pillar on their property. He was high.
The L.F. Rothschild trader who takes Jordan to lunch and tells him that cocaine and masturbation are the keys to success as a stockbroker is based on a real person whose name is not changed in the movie or the book. Mark Hanna has told his own version of the story on YouTube, and he does not seem to dispute the substance of Belfort’s account. (The lunch scene in the film combines two conversations from the memoir, using nearly identical dialogue.) Hanna himself was later convicted of stock fraud. He did not pound his chest and hum rhythmically, as McConaughey does so memorably in the movie; that flourish is based on an acting exercise that McConaughey likes to do, and was, according to the movie’s press notes, incorporated into the film after DiCaprio and Scorsese noticed the actor doing it on set.
Patrick Denham is another made-up name, but there really was an FBI agent who followed Belfort closely for years: Gregory Coleman. He told CNBC in 2007 that he was struck by the “blatantness” of Belfort’s financial crimes. As far as I can tell, they did not meet on Belfort’s yacht, as the movie suggests; in the book, Belfort first meets Coleman when the FBI arrives to arrest Belfort at his home. (The arrest did not take place while Belfort filmed an infomercial — that’s a bit of poetic license on Scorsese’s part.)
The Aftermath
After his arrest and indictment, Belfort cooperated with the FBI. In the film, Jordan, while wearing a wire, passes a note to Donnie telling him not to incriminate himself. Belfort did not pass such a note to Porush, but, in his second book, “Catching the Wolf of Wall Street,” he claims to have done just this for his friend Dave Beall. He ultimately served 22 months in prison and was ordered to pay over $100 million in restitution to his victims (which he has apparently failed to do). As the film depicts, he became a motivational speaker after leaving prison; at the seminar in the movie, DiCaprio as Jordan is introduced by the real Jordan Belfort (and, in real life, the actor has filmed a testimonial for Belfort). Belfort is not the only real-life participant to show up in the movie: A private investigator that Belfort employed, Richard “Bo” Dietl, is also in the film; he plays himself.
Did Jordan Belfort’s Yacht Really Sink?
Jordan Belfort, the infamous stockbroker and the subject of the film "The Wolf of Wall Street," has been associated with a luxurious yacht, the "Nicolle". The yacht has been the subject of much speculation and controversy, with many believing that it sank in the 1990s. But did it really?
The Background
Jordan Belfort was a successful stockbroker in the 1980s and 1990s, known for his aggressive and unorthodox investment strategies. He founded Stratton Oakmont, a brokerage firm that quickly became one of the most successful on Wall Street. However, his success was built on a foundation of fraud and corruption, and he was eventually arrested and convicted of securities fraud and money laundering.
In the late 1980s, Belfort purchased the Nicolle , a 147-foot yacht that was once owned by the Saudi royal family. The yacht was said to be worth millions of dollars and was a symbol of Belfort’s wealth and success. He used the yacht to entertain clients and friends, and it was often seen docked in the harbor of his home in Long Island.
The Sinking of the Yacht
In the 1990s, rumors began to circulate that the Nicolle had sunk. The exact circumstances of the sinking are unclear, but it is believed that the yacht was damaged in a storm and subsequently abandoned. Some reports suggest that Belfort had the yacht deliberately sunk to avoid paying off a mortgage, while others claim that it was sold for scrap and then intentionally scuttled.
The Mystery Deepens
Despite the rumors, there is no concrete evidence to support the claim that the Nicolle sank. In fact, there are several eyewitness accounts that suggest the yacht was still in operation as late as the early 2000s. Additionally, there are no records of a salvage operation or an insurance claim related to the sinking of the yacht.
The Truth Behind the Sinking
So, did the Nicolle really sink? The answer is unclear. While there are rumors and speculation about the yacht’s fate, there is no concrete evidence to support the claim. It is possible that the yacht was damaged in a storm or that it was sold for scrap, but the exact circumstances of its disappearance remain a mystery.
The Legacy of the Nicolle**
Regardless of what happened to the Nicolle , the yacht remains a symbol of Jordan Belfort’s excesses and the corrupt practices of his brokerage firm. The yacht’s fate serves as a reminder of the dangers of unchecked greed and the importance of transparency and accountability in business.
Timeline of Events
In conclusion, the fate of the Nicolle remains a mystery, and it is unclear whether the yacht really sank. While there are rumors and speculation about its fate, there is no concrete evidence to support the claim. Regardless of what happened to the yacht, it serves as a reminder of the dangers of unchecked greed and the importance of transparency and accountability in business.
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The Wolf of Wall Street starring Leonardo DiCaprio hit theaters almost four years ago giving us an insight into the crazy life of Jordan Belfort. The movie was Martin Scorsese’s interpretation of the memoir written by Belfort himself and which, you guessed it, was named “The Wolf of Wall Street”.
One of the most important things that is taken into consideration during the development of a movie is to provide people with a good and engaging story which might require certain facts to be omitted or changed. Martin Scorsese’s directorial prowess shows in this film and it even manages to make “The Hangover” look like a small high school party.
While most of the three-hour movie might have seemed like a crazy exaggeration of events that happened, the fact is that it doesn’t even come close to capturing Belfort’s actual life. The true facts about Jordan Belfort and his money-making scheme along with his cronies goes much deeper than what was portrayed to the audience. Now twenty years after Belfort scammed hundreds of people involving millions of dollars, we have compiled a list of 15 facts that you did not know about the real wolf of Wall Street.
Via Thanhniennews.com
While it is a pretty cool nickname and what makes it even cooler is the fact that a movie was named after it, Jordan Belfort was never called “wolf” by anyone, ever. That’s right, the only person to call Belfort by this nickname was Jordan Belfort himself when he wrote his memoir in 2007. Former president of Stratton-Oakmont, Danny Proush, who was played by Jonah Hill in the movie, was quoted to have said that in eight years of working with Belfort, he had never heard anyone call him the Wolf or anything like that. But it clearly is very catchy and helped market the movie to the success it is now.
Via Stockinvestor.com
Being a stock broker is something that not a lot of kids aspire to be. In fact, if you were to go out right now and interview a bunch of kids about their career plans, almost no one will say stock broker. It makes sense because the stock market is essentially a bunch of adults yelling numbers at computer screens all day. Jordan Belfort was focused on becoming a dentist in his younger years. He managed to save almost $20,000 selling Italian ice on the beach (which is quite an amazing feat) to pay for dentistry school. The story, however, goes that on the first day of his freshman year, the Dean took him aside and told him that dentistry was not a golden profession anymore and he shouldn’t expect to become rich. This was enough for Belfort to drop out and switch career paths.
Via wsj.net
We’re pretty sure you never guessed this one, well, because the title of both the memoir and the movie contains the word “Wall Street” in it. That, however, was never true because Jordan Belfort never worked on actual Wall Street. His company called Stratton-Oakmont was in fact based in Lake Success, Long Island which is an hour’s drive away from where Wall Street is. This made perfect sense because despite raking in millions with his company, he didn’t have big bucks in the beginning to rent an office space in one of the most expensive parts of New York City. Belfort had trained his staff to tell investors that they were calling from Wall Street to make the deals seem legit and enticing.
Via Domain.com.au
Jordan Belfort had reportedly made off with $110 million of investor money. Now If you remember, the scam that made him all of this money didn’t target rich trust-fund kids, in fact, it was your average blue-collar Americans who were trying to make a living working nine to five jobs. It can be very appealing when some hot shot with big words calls you up from Wall Street with an investment opportunity that could change your life, even though deep down you know that you have a better chance of winning the Powerball than making a profit on penny stocks. After Belfort’s prosecution, the court ordered him to reimburse the money back to his victims but nearly two decades later, he has only paid $10 million of the $110 million he owes.
Via Quotesgram.com
Say what you need to about Jordan Belfort but one thing is for sure, he knew how to pull off one of the biggest scams in the history of Wall Street and he knew how to do it well. At the peak of his success with Stratton-Oakmont, he was making well over $50 million in a single year. One of the biggest financial runs that he made in his career was when he pulled in $12 million in only three minutes. That’s right, in the time that it would take you to heat two hot pockets, Jordan Belfort made more money than most of us will ever see in our entire lifetime.
Via Playbuzz.com
Let’s be honest here, most of us would end up doing something like this if given the opportunity and the amount of money Jordan Belfort was making in his prime. According to his confession, he laid down $3 million cash in $10,000 stacks of notes and then proceeded to make some sweet love to his then wife, Nadine Macaluso. We’re pretty sure this gave Belfort a lifetime of bragging rights but making love atop crispy bills, while it sounds great, actually completely sucks. Margot Robbie who played Belfort’s wife and had to reenact the scene had a word of caution for anyone attempting such an act.” I got a million paper cuts on my back from all that money! It’s not as glamorous as it sounds,” she shared. “If anyone is ever planning on having sex on top of a pile of cash: don’t.”
Via Vice.com
There is a lot of emphasis on drugs in the film and it is a fact that Jordan Belfort absolutely loved them. His daily intake consisted of an unholy combination of morphine, marijuana, cocaine, Xanax, alcohol and his all-time favourites, the Quaaludes. They are a powerful sedative which was made illegal in the mid-1980’s, also now famous as the pill Bill Cosby would use to drug unsuspecting women. Belfort consumed these for the absolute fun and joy they brought apparently, making him lose it completely on occasions. It seems like when you become addicted to the high of making gross amounts of money, you’ll do anything, like inhaling all kinds of drugs, to keep the high from going away.
Via Evoke.ie
We’re all aware of how much Jordan Belfort loved his drugs, especially the Quaaludes. During a trip to London, he had exhausted his stash of these magic pills and was in desperate need of a hit. While this may sound crazy, he ended up calling his secretary back in New York City at 4 A.M. to help him out with the little drug problem he was having. She immediately arranged a package of Quaaludes and sent them out to London via a Concorde which was the fastest commercial jet airliner at the time and cost a fortune to use. This goes on to show the number of crazy things that can be achieved with money and power.
Via YouTube.com
One of the most memorable scenes in the film was the sinking of Belfort’s yacht which was named after his wife Nadine. This 167-foot vessel had previously been the host to numerous wild office parties. In 1996, Belfort decided to travel across the extremely rough waters of the Mediterranean Sea and ordered the captain to power through the storm despite his protests against it. This proved to be a terrible decision because the yacht capsized during the storm and sank off the coast of Italy. No one was injured though since all the passengers and crew were saved by the Italian navy.
Via Nypost.com
Drugs have a tendency to ruin perfectly good marriages, those and a combination of other bad habits. Nadine Macaluso, formerly Nadine Belfort was the real-life ex-wife of Jordan Belfort who didn’t really have the most amazing marriage in the world. She seemingly broke up Belfort’s “happy” marriage so she could have a better life herself but what she wasn’t aware of was that her husband was a crook who enjoyed drugs and other women. Proof of their toxic and unstable marriage can be derived from one event during which Belfort, while high on drugs had an argument with his wife and proceeded to kick her so hard that she fell down the stairs. He then attempted to leave with his daughter, tossing her into his sports car and literally speeding through the gate before crashing into a pole on his property.
Via Wikimedia.org
Among the many notable scenes in the film, there is one where Leonardo DiCaprio as Jordan Belfort is walking around the Stratton-Oakmont office while carrying a chimpanzee. This never actually happened and the entire scene was there to serve more as a metaphor and show just how crazy and wild the company was. “There was never a chimpanzee in the office. There were no animals in the office…I would also never abuse an animal in any way”, said Danny Porush (Donny as we know him from the film). Danny did, however, eat a real goldfish to prove a point to one of his employees.
Via Zimbio.com
During the film, we witness a scene when Jordan Belfort wears a wire and he tries his best to avoid implicating his friends by passing them notes about the fact that their conversation is being recorded. While this may seem like an admirable thing to do, the scene was strictly put together for the movie. What happened, in reality, was that Belfort snitched on every single person who was involved in the scheme and in exchange for this he was given a reduced sentence. Hey, when the FBI comes knocking you better be ready to snitch because…well you’re a crook anyway so who cares.
Via CNBC.com
One would assume that after scamming so many innocent people of their hard-earned money, Jordan Belfort would’ve had a strict and harsh punishment. He was expected to spend 4 years in prison but he ended up reducing his sentence down to a mere 22-months after a plea deal. After spending a short period in solitary, he was moved to a “low-security work camp” which had all the basic necessities a criminal would need, like tennis courts and libraries. In short, it was a small vacation for Belfort which was paid for by your tax dollars. And then of course he had a huge movie made about him starring Leonardo DiCaprio so it doesn’t get more glamorous than that.
Via Asiaone.com
Jordan Belfort was known for his invigorating speeches at Stratton-Oakmont to his employees to get them riled up for work and boy was he good at it. He still didn’t lose the charm after getting out of prison and became a motivational speaker. Many people shell out as much as $400 per seat to hear him talk and say some of his famous quotes like, “Sell me this pen,” and “Playing it safe and taking no risks is a shortcut to poverty”. Whether you believe it or not but some of the wise stuff that Belfort bestows upon the groups of would-be businessmen makes sense and it might end up motivating you as well.
Via THR.com
As we stated earlier in the article that Belfort made almost $110 million during his scam and at one point was even making $49 million a year. Ever since being released from prison, he has made his living as a motivational speaker, author and from the movie rights. He was on his way to make an estimated $100 million in 2014 which is double the amount of what he used to make back in the 90s. Belfort also gets paid somewhere between $30,000 to $80,000 for every motivational speech that he gives, turning it into a hefty sum when you consider the fact that he does about 45 tour dates a year.
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Jordan belfort scammed investors out of $200m. as martin scorsese and leonardo dicaprio bring his outrageous life to the big screen, nick harding gets the real inside story, article bookmarked.
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The pitch could have been barked by any of the "motivational-training" snake-oil salesmen who ply their wares in the corporate sector. But the man behind this particular "sales and persuasion" one-day course in Australia last year thought himself special enough to demand a US$5,000 entrance fee.
The inflated price tag may have been something to do with the quality of the after-dinner anecdotes, as the man hosting the event was Jordan Belfort - a 51-year-old American ex-con who is among the most infamous crooked businessmen in recent history. In the 1990s, Belfort was reputed to have been worth £60m, earning £600,000 a week. He owned a sprawling estate in the Hamptons, a fleet of supercars and a 167ft yacht which once belonged to Coco Chanel and which he sank in the Mediterranean. He had a supermodel wife and a drug and alcohol habit. He employed an army of young salespeople who aggressively sold stocks in questionable companies to unwitting investors. His workers were rewarded with massive bonuses and parties where prostitutes and dwarf-throwing competitions were provided as entertainment.
Today, the disgraced swindler (a term Belfort hates) has reinvented himself as a reputable businessman, with clients such as Delta and Virgin Airlines. Much to his delight, he's also being played by Leonardo DiCaprio in Martin Scorsese's new film, The Wolf of Wall Street, which portrays the lavish, drug-fuelled and illegal antics at Belfort's now-defunct East Coast stocks and shares brokerage Stratton Oakmont.
But, says Belfort, he's not letting all that glitz go to his head - he is a new man since his 2004 conviction for defrauding clients of more than $200m. "We are not the mistakes of our past," he recently said. "We're the resources and capabilities that we glean from our past. It chokes me up a little when I think about it. I was a bad guy. And it wasn't like I started that way. You can get desensitised to your own actions, it's easy on Wall Street... I shouldn't really care what people think of me. I know I'm good. But of course I do care."
Former Assistant US Attorney Joel Cohen, who helped put Belfort behind bars, couldn't agree less. "If he is trying to create the impression that he is basically an honest guy who stepped over the line a bit, that is dead wrong. This is a guy who woke up every day, seven days a week for many years, and said, What crimes can I commit today? He was looking to rip people off on a daily basis."
The yacht, the cars, the supermodel wife and the fortune have all gone. The father of three now lives in a modest three-bedroom house in a relatively inexpensive LA suburb. At his seminars, attendees are taught a technique he calls "Straight Line" selling; a set of pre-determined steps from first contact to closing a deal. It is, he has said, roughly the same system he taught his employees to use when pressuring people to buy shares in the useless firms he once promoted. He's paid around $30,000 an hour for his wisdom.
He makes a very good living, then - but his income is a fraction of the vast wealth he enjoyed, and a court order requires him to pay 50 per cent of his earnings into a compensation fund for his thousands of victims. Nevertheless, the sale of the film rights to Belfort's two memoirs, The Wolf of Wall Street and Catching the Wolf of Wall Street, are estimated to have earnt him $2m. The film is up for a Golden Globe (Best Comedy) tonight and there is talk of several Oscar nominations when they are announced on Thursday.
Over the festive period, American film-goers flocked to see DiCaprio as Belfort marching hookers on to the office floor, receiving the attentions of a young lady at the wheel of his Ferrari and tearing up a sofa to find a stash of cocaine. Predictably, there has been outrage that the film glorifies these exploits. All of which, one imagines, gave Belfort his best Christmas in years - as he wrote on his blog at the end of last month: "Visit the theater and watch DiCaprio portray me as I was and remember the man I have become."
And what has Belfort, whose representatives did not answer our request for comments, become in the seven years since his release?
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By all accounts a natural raconteur, Belfort delights in recounting stories of drug-fuelled excess, and distances himself from other disgraced businessmen. He describes Bernie Madoff, the US financier convicted in 2009 of defrauding investors of $65bn, as a "complete crook who took people’s money", and defends his own actions by claiming 95 per cent of his business dealings "were totally legit".
Belfort also gives the impression that he was seduced by the financial environment of the time. The market of the early 1990s made a lot of people a lot of money and, by Belfort's reckoning, his endeavours cost no one more than they could afford. "I don’t like to come off like what I did was not wrong. But I wasn't dealing with poor people. I was dealing with very rich people. No one lost their life savings," he argues.
This revisionism, however, is not the account Belfort gave to court when he pleaded guilty to charges of international securities fraud and money-laundering in 1999. Facing 20 to 30 years in jail, he agreed to gather evidence against his friends and colleagues in a year-long undercover operation in exchange for a lighter sentence.
It is also not an account that the two key investigators behind his downfall recognise.
FBI Special Agent Greg Coleman began investigating Belfort in 1992. "I have run into individuals who were bad people doing bad things and I've run into ones who were basically good people who made a mistake and will never do it again," says Coleman. "Belfort was really bad. And while there is some attempt on his part to clean up and change, I think he is still a work in progress. There were a lot of victims who could ill afford to lose that kind of money."
Joel Cohen concurs. "My sense is that he is only half-repentant, for whatever reason - whether he thinks it sells books and movies better. He says he is sorry to his victims but on the same token he tells the world that only 5 per cent of his behaviour was criminal."
Both have mixed feelings about the movie. Says Cohen, "It's not going to be about his prosecution. It will be about his rise and dwarves being thrown out of cannons. I fear it is being marketed as a general comment of all that ails society, when in fact it is a sordid story about bad people who do not represent society at all."
While the debauchery depicted in the film is true, plenty of the Belfort story is myth. His supposed links to the mafia have never been proven and Stratton Oakmont - a name chosen as it k sounded British and reputable - was never a Wall Street firm: the Wolf of Wall Street operated from a shopping mall in suburban Long Island.
Stratton Oakmont was a so-called "boiler room"; ostensibly a call centre where young workers rang investors and random names from the telephone directory, pushing them to buy shares in companies it financed and floated on the stock exchange (in a process called Initial Public Offerings or IPOs). Stratton Oakmont practised a technique called "pump and dump": investors were first hooked with the promise of shares in stable companies and then persuaded to invest in Stratton’s IPOs. The greater the number of people who invested, the higher the share prices rose. Illegally, Belfort and a group of insiders he tipped off also bought shares in these businesses. When the prices peaked, Belfort tipped off his cohorts to sell. They all made fortunes while the share prices plummeted, leaving everyone else with worthless stocks.
Belfort says he "exited the womb an entrepreneur". At 16, he sold ice lollies, bagels and trinkets on the beach at Long Island and with the money he made he put himself through college. He enrolled in dental school, but walked out on the first day when the Dean told the new intake that they were in the wrong profession if they wanted to make money. Instead, he began selling meat off the back of lorries. He started his own firm, but it went bankrupt, owing $24,000, when he was 24. Desperate for a job, Belfort started at the bottom in a Wall Street trading firm working as a connector, making calls to potential investors whom he would patch through to the brokers. "I was pond scum."
When he finally passed his traders' exams, he began his stockbroking career on 19 October 1987: Black Wednesday, when the market plummeted 508 points in a day. The company he worked for closed, but the setback only fuelled his desire. In 1989, he set up Stratton Oakmont.
When Cohen and Coleman started investigating the firm in 1992, the brokerage was already the subject of a civil fraud lawsuit brought by the US Securities and Exchange Commission (SEC). As a result, the company was ordered to pay a $2.5m fine and Belfort and his partners, Daniel Porush (played by Jonah Hill in the film) and Kenneth Greene agreed to $100,000 fines apiece. None of the three admitted or denied the SEC's allegations and the penalty was peanuts compared to what the firm and its employees and bosses were earning.
Coleman and Cohen spent the following years gradually digging away to collect evidence - but the loyalty Belfort engendered in his well-paid staff made it an almost impossible task.
The breakthrough came when Belfort became desperate and began smuggling money out of the country. The funds ended up in Swiss bank accounts, where it was laundered - and money-laundering was Coleman's area of expertise.
"The crowbar we used to open them up was the tax evasion," he explains. "We were able to get some witnesses who were helping them smuggle the money to provide information about that. We used that to go to the Swiss authorities to get them to provide information about the bankers Belfort was using in Geneva. It took time because bank secrecy in Switzerland was still very robust and we had to convince the authorities that this sort of behaviour was something they should provide information to us about. Eventually we got Belfort’s Swiss banker to co-operate."
With concrete evidence, both Belfort and Porush were arrested in September 1998 and persuaded to work with the investigation. Belfort was required to post $10m security as a condition of his bail. (The security took the form of jewels which he had delivered to the courthouse in an armoured car accompanied by armed guards.) The skills that made Belfort such a good conman also made him an effective government mole: the evidence he collected was used in scores of other prosecutions.
Belfort eventually pleaded guilty. The case took years to come to trial and in 2004 he was convicted, sentenced to four years, and jailed, serving 22 months in all. He reported to a federal prison camp in California, where he shared a cell with the comedian Tommy Chong, of Cheech and Chong fame, who was serving a nine-month sentence for selling drug paraphernalia.
Chong was working on a book; after hearing Belfort's outlandish tales, he persuaded his cell-mate to put pen to paper as well. On his release in 2006, Belfort realised there was an appetite for his life story and started pitching his manuscript. Publisher Random House gave him a $1m advance. Within a year of his release, The Wolf of Wall Street was on sale.
Coleman still keeps in contact with his former prey "as a subtle reminder that I am still watching", and the FBI man admits he is curious about the film. Asked to consult on the plot, he's played by actor Kyle Chandler (who recently appeared in Argo and Zero Dark Thirty). "I want to see how I am portrayed," he says. "I hope it's done realistically, rather than the stereotypical FBI guy in a suit." As for Cohen, "I don’t think Jordan loves me. In his book, his caricature of me is unfair. He describes me as 'the bastard' about 100 times."
Belfort has realised that infamy can be lucrative. However, for the man who once boasted he made $13m in one day, crime will not necessarily pay in the end. According to a recent letter from prosecutors sent to the judge overseeing his compensation agreement, so far Belfort has paid $11.6m of the required $110.4m into the fund. The letter suggests he has been withholding payments and that he is in default of his agreement. Belfort disputes this and is currently in talks with the federal courts to resolve the situation. Whatever the outcome, the Wolf still has a long way to go before he pays his debt to society. 1
'The Wolf of Wall Street' (18) is out on Friday
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Jordan Belfort was dubbed the Wolf of Wall Street for his less-than-ethical money-making ventures, involving pump-and-dump schemes in the stock market (via Insider ). Belfort used numerous techniques that turned out to be quite lucrative, such as the "Kodak pitch." The pitch involved Belfort telling his employees at Stratton Oakmont to convince investors to invest in relatively stable stocks that are almost certain to guarantee a profit — also known as blue-chip stocks (via Investopedia ) — before attempting to get the investors to put their money in lesser-known markets, according to Insider.
Belfort and his brokers would heavily inflate these lesser-known and more volatile markets by purposely telling their investors false and unsound claims, before selling all of their shares in the markets and making a considerable profit, according to the Crime Museum . Stratton Oakmont, Jordan Belfort, and his allies would all face investigations for illegal acts like money laundering, market manipulation, and securities fraud, giving Belfort a reputation as a ruthless investor who did whatever was necessary to become rich.
Born in New York City in 1962, Jordan Belfort was raised in the Queens district by two accountants, according to Insider . He originally planned to go to school to be a dentist, getting a degree in biology from American University, before enrolling in the University of Maryland School of Dentistry (via Insider). Belfort paid for his schooling by selling Italian ices with a friend of his on the beach, which earned him $20,000, according to Investopedia .
However, Belfort's dentistry ventures wouldn't last long at all, after his first day in dentistry school when the dean proclaimed "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" (via Insider). This led Belfort to drop out of the university to pursue a career that would make him the most money. He then found himself a job as a door-to-door salesman, according to Insider.
Jordan Belfort found some success in his venture of selling meat and seafood, even having a team of workers who were able to move two tons of meat and seafood a week, but eventually, things went south and he had to file for bankruptcy at the age of 25, according to Investopedia . Belfort said the reason the business went under was because of small profit margins, according to Insider .
After this business stint, a family friend of Belfort's got him a job as a stockbroker trainee for L.F. Rothschild, and over the next couple of years, he would gain experience working in a number of firms. Belfort grew uncomfortable with the unstable working environments that the financial firms offered, so he opted to create his own firm. In 1989, Belfort and his previous co-worker Kenneth Greene started a Stratton Securities franchise in a small office at a car dealership. After five months, they made $250,000, bought Stratton Securities, and renamed it Stratton Oakmont, where the two would later make a fortune (via Insider).
In two years, Stratton Oakmont had raked in $30 million in commissions (via Insider ), but the firm was quickly entangled in controversy. Within a year of its founding, the U.S. Securities and Exchange Commission, also known as the SEC, was investigating Stratton Oakmont for "questionable sales and trading practices" according to Insider. Stratton Oakmont had made most of its money by convincing its investors to invest in volatile markets, before selling all of its stock and making a profit, according to Crime Museum . Jordan Belfort was notorious for his sales practices, with the company motto being "Don't hang up until the client buys or dies" (via Crime Museum).
During this time of great financial success, Belfort became involved in excessive drugs, gambling, sex workers, and a very hedonistic lifestyle, according to Insider. He often bought luxury items like yachts, helicopters, and fancy cars, which he often destroyed while on drugs (via Insider). He was also accused of domestic abuse and reportedly kicked his wife down a flight of stairs, according to the Crime Museum.
If you or anyone you know is struggling with addiction issues, help is available. Visit the Substance Abuse and Mental Health Services Administration website or contact SAMHSA's National Helpline at 1-800-662-HELP (4357).
If you or someone you know is dealing with domestic abuse, you can call the National Domestic Violence Hotline at 1−800−799−7233. You can also find more information, resources, and support at their website .
Jordan Belfort would not be able to escape the consequences of his actions for long, and it was a money-laundering scheme that would earn him prison time, according to Insider . After Belfort had made illegal profits, he opened a bank account in Switzerland where he laundered money through his friends and family, according to Crime Museum . One of these friends who smuggled money for Belfort was his drug dealer, Todd Garrett, who was caught with $200,000 from Belfort and a partner of Belfort's, Danny Porush. The money was being sent to a Swiss bank. After this debacle, a French banker who was a part of a money-laundering scheme in Miami told the U.S. government that Belfort and Porush were his clients, which led to Belfort's arrest, according to Insider.
After being arrested for securities fraud and conspiracy to commit money laundering, Belfort agreed to work with the police in order to get a lighter prison sentence (via Insider). He still faced prison time and was given a four-year sentence but only actually served a year and 10 months, before being released according to Insider.
While Jordan Belfort was serving his prison sentence, he shared a cell with comedian Tommy Chong and wrote his autobiography, " The Wolf of Wall Street " (via Insider ). The 2007 book became a huge success, and later helped contribute to Belfort becoming recognized in pop culture. Eventually, the book was turned into a film, also called "The Wolf of Wall Street ," in which Leonardo DiCaprio starred as Jordan Belfort. After Belfort became somewhat of a pop icon, he began his career as a motivational speaker, according to Insider.
Belfort hasn't been without controversy after his prison sentence, however. Some prosecutors accuse Belfort of not paying his victims for his money laundering schemes and continuing to profit from his crimes (via Insider). Belfort still lives a very comfortable lifestyle, and now resides in Los Angeles, California, and talks to people about what he has learned when it comes to finance, his regrets when it comes to scamming people, and works to teach people how to become financially successful, according to Investopedia .
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The 37m superyacht Nadine passed through many hands, finally ending up belonging to the Wolf of Wall Street, Jordan Belfort, on whose watch the yacht foundered and sank in 1996.
Brad Hutchins Jordan Belfort's seshes were so legendary that sinking a multi-million-dollar yacht was simply another act of depravity that Martin Scorsese could weave into The Wolf of Wall Street's preposterous film adaptation. Those familiar with The Wolf of Wall Street book will have read Belfort's account of this in closer detail, but the backstory of the superyacht Nadine is a lesser ...
Jordan Belfort's ex wife, Nadine Macaluso, has set the record straight about the scene in The Wolf Of Wall Street where Belfort splashes out and buys his wife a yacht on their wedding day.
The Jordan Belfort yacht sinking scene in The Wolf of Wall Street was heavily inspired by a real-life event, though the movie did take some creative liberties. For one, the yacht was called Naomi in the reel version since the name of Belfort's wife (played by Margot Robbie) was changed in the movie. In reality, the yacht was named Nadine.
Dec 10, 2021. It turns out that the preposterous scene in The Wolf of Wall Street where Leonardo DiCaprio's character, Jordan Belfort, and his co-horts are caught in a ferocious storm and nearly meet their makers, is true. According to an article by Brad Hutchins on bosshunting.com, the real Jordan Belfort was on a luxury yacht called the ...
The Jordan Belfort yacht sinking scene in The Wolf of Wall Street was heavily inspired by a real-life event, though the movie did take some creative liberties. For one, the yacht was called Naomi in the reel version since the name of Belfort's wife (played by Margot Robbie) was changed in the movie. In reality, the yacht was named Nadine.
The real story of the sinking of the Wolf of Wall Street's yacht In 2000, Doug Hoogs interviewed Capt. Mark Elliott about the sinking of the motoryacht Nadine.
Summary The Wolf of Wall Street is based on the true story of Jordan Belfort, a con artist who became famous for his fraudulent actions. The movie features memorable moments from Belfort's memoir, such as smuggling money into Swiss banks and sinking a yacht. However, several real-life figures have disputed the accuracy of the events depicted in the movie, suggesting that Belfort may have ...
In real life, predatory tycoon Jordan Belfort bought a yacht in 1993 called Big Eagle and renamed her Nadine, after his English-born second wife.
The Big Picture The Wolf of Wall Street accurately reflects the true story of Jordan Belfort's illegal activities and debaucherous lifestyle on Wall Street. The film's depiction of Jordan Belfort ...
"The Wolf of Wall Street" is Jordan Belfort's truth, not necessarily the definitive truth. Here's where fact and fiction diverge.
In conclusion, yes, Jordan Belfort's yacht, Nahlin, did sink off the coast of Antibes, France, in 2007. The incident was a significant blow to Belfort's reputation and ego, and it raised ...
What was the name of Belfort's brokerage house? The Wolf of Wall Street true story confirms that, like in the movie, Stratton Oakmont was the name of the real Jordan Belfort's Long Island, New York brokerage house. Belfort and co-founder Danny Porush (played by Jonah Hill in the movie) chose the name because it sounded prestigious ( NYTimes.com ).
Drugs, prostitutes, crashed helicopters — the debauchery in The Wolf of Wall Street is so outlandish that audiences might leave the theater thinking director Martin Scorsese took plenty of creative license in telling the story of Jordan Belfort, a New York stock broker who conned his way to earning hundreds of millions in the 1990s. But Scorsese's film closely follows Belfort's own ...
The Wolf of Wall Street: The True Story We sort out what's fact and what's fiction in Martin Scorsese's glitzy new film about a real-life scammer : r/movies r/movies r/movies
The yachting disaster is one of the most dramatic scenes in Martin Scorsese's blockbuster The Wolf of Wall Street, and like many of the tales in the Leonardo DiCaprio flick, it's based on a true story. In real life, predatory tycoon Jordan Belfort bought a yacht in 1993 called Big Eagle and renamed her Nadine , after his English-born second wife. The vessel had been built in 1961 by Witsen ...
For The Wolf of Wall Street, his latest collaboration with Leonardo DiCaprio, Martin Scorsese forewent his signature voiceover style in favor of more...
Terence Winter, who wrote the screenplay, explains the use of the technique thusly: "You are being sold the Jordan Belfort story by Jordan Belfort, and he is a very unreliable narrator.". It ...
Did Jordan Belfort's Yacht Really Sink? Jordan Belfort, the infamous stockbroker and the subject of the film "The Wolf of Wall Street," has been associated with a luxurious yacht, the "Nicolle".
The Wolf of Wall Street starring Leonardo DiCaprio hit theaters almost four years ago giving us an insight into the crazy life of Jordan Belfort. The movie was Martin Scorsese's interpretation of the memoir written by Belfort himself and which, you guessed it, was named "The Wolf of Wall Street".
Jordan Belfort scammed investors out of $200m. As Martin Scorsese and Leonardo DiCaprio bring his outrageous life to the big screen, Nick Harding gets the real inside story
Jordan Belfort found his fortune at last with the publication of his book "The Wolf of Wall Street." Allegations of his shady money practices went back years.
James Cutfield, 51, was the head of crew aboard the 56-meter (184-foot) sailing boat when it capsized in the throes of a ferocious storm last Monday, killing six passengers, including British ...