Why Jordan Belfort Is Still A Scumbag - Timothy Sykes

Why Jordan Belfort Is Still A Scumbag

If you haven’t already read or heard, I’m not a big fan of Jordan Belfort, aka the real Wolf of Wall Street. I’ve written about him in a few posts already, bashing the criminal and painting a true picture of the guy since Martin Scorsese didn’t think that was appropriate when directing the movie. Check out the posts here and here.

If you didn’t already know, Jordan Belfort and his partner Danny Porush helped orchestrate a scheme at the firm called Stratton Oakmont back in the 90’s. Much of the scammers’ ill-gotten gains were spent on cocaine, hookers and kinky sex. That is, before the FBI stepped in and ended their party.

Belfort does make his money legally now by giving motivational speeches (I have no idea why anyone thinks he would be good at that, but according to his employer’s website, he can make as much as $150,000 per booking), but here are some reason why Belfort is STILL a scumbag, despite claims to have “reinvented his life for the better.”

· He lives in California but his employer is base in Australia, which conveniently makes it much more difficult for the government to get their hands on his money and distribute it to the more than 1,500 people that he ripped off.

· He was sentenced to pay roughly $110 million in restitution, but most of that has not been paid. He still owes nearly a $100 million, and of the amount that he has paid, most of it came from selling assets near the beginning of his sentence.

· He has only paid roughly $250,000 in restitution since 2007.

· He told the New York Post that, “It’s easier to get rich quick when you don’t follow the rules,’’

· In a Facebook post, Belfort insisted he’s “not making a dime’’ from the movie, saying all of his profits from the book and film will go to paying back the investors he cheated. This may be true, but it’s misleading. He makes it sound like the money he would make from the books and movie would make investors whole, when there is no way he will earn anywhere close to the $100 million needed to do that.

· His partner in crime, Porush, is also back in the high life. He runs a medical-supply business in Florida, which has employed several other former workers from the infamous Stratton Oakmont firm and now lives in a $4 million mansion and drive matching Rolls-Royce Corniche convertibles, according to the Post.

· He has been compared to Bernie Madoff, the operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S. history.

· Belfort got a cameo near the end of the film based off of his life, and it even advertised the motivational speaking that he now does.

· His former body guard, Bo Dietl, told Policy Mic that Belfort is still a scumbag.

· Dietl also said that he never saw Jordan sober while working for him.

And here are some disturbing “fact and fiction” revelations about the wolf, according to TIME:

· Fact: Belfort’s first boss told him the keys to success were masturbation, cocaine and hookers. According to the book, a broker named Mark Hanna gave him this advice early on in his career.

· Fact: 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.

· Fact: Forbes magazine exposed Belfort, calling him a “twisted Robin Hood.” 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.”

· Fact: Stratton Oakmont took Steve Madden public. Steve Madden did give a speech the day of the IPO, to which the Stratton Oakmont brokers responded with jeers.

· Fact: Belfort laundered his money into Swiss banks using his in-laws. His wife’s mother and aunt both helped smuggle the money into Switzerland.

· Fact: Danny Porush (Donnie Azoff) was married to his cousin.

· Fact (mostly): The driving on Quaaludes scene. It was a Mercedes, not a Lamborghini. But the rest is true to Belfort’s memoir.

· Fact: The office parties included a “midget-tossing competition.”

· Fact: The company billed prostitutes to the corporate card.

· Fact: He crashed a helicopter in his front yard while high.

· Fact: He sunk a yacht in Italy, and the yacht used to belong to Coco Chanel.

· Fact: He called his trophy wife “duchess.”

· Fact: He served a reduced prison sentence after ratting on his friends. In the film version, Belfort tries to save his partner from incriminating himself. In reality, Belfort ratted out his partner Porush for a reduced sentence. Belfort only spent two years in prison.

· Fiction: He only scammed wealthy people. One of the biggest complaints about the film was that it didn’t show any victims. 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.

Posted in Celebrities

Become a Millionaire

I Turned $12,415 into $4,650,000 Trading Penny Stocks. Now it's your turn.

Apply To Work With Me

36 comments

Timothy Sykes

Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my millionaire challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don't forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading. :)

  1. snakebite

    While it may be fact most of it is pointless, so what if he smuggled money into another country to keep it safe? Your telling me in the exact same situation you wouldn’t? So what of he sunk his boat it’s his boat he coulda threw petrol and diesel on it and set it on fire still his boat as long as he didn’t claim (if he did what I said) so what if he called his wife the ditches? Never called your better half a nickname? I call mine the annoyer. So what if he charged things on the company card? If I owned my own business turning stupid amounts of profits id be doing the same tbh

    Edit.
    But it’s ok for adverts for me to

  2. Gil Amminadav

    “Fiction: He only scammed wealthy people. One of the biggest complaints about the film was that it didn’t show any victims. 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.”

    which kind of gives lie to the whole “twisted robin hood” moniker, these merry men weren’t just robbing the rich and giving to themselves, they were robbing the middle class and giving to themselves…even after they themselves got pretty damn rich. at which point it just became regular robbery (albeit with lies instead of weapons).

    i noticed that the movie did in fact portray belfort’s victims as average middle class types.

  3. Jerry

    He went to jail for taking money to another country big deal. I’m sure that when you travel you take money to other countries. He only acidentaly got in trouble after a dum ass who owned some restaurant mentioned it. The goverment couldnt bust him for anything until that restaurant owner acidentaly said some things.People could also sue you for all the money they have spent and lost.

  4. Steve Kobrin

    I think character makes a big difference, especially when choosing a financial representative. Would you hire somebody like him to babysit your kid? To housesit your mansion? Even drive your car? No. So you certainly wouldn’t trust him with your money.

  5. Tony

    I heard that if you would have invested in all of his stocks that by now you would have millions of dollars in profits. It would be interesting to look into it because if its true then basically the goverment screwed him.

  6. John Henry

    Tony, please please tell me you can’t be that stupid. There is no way to profit from a pump and dump scheme. If anyone ever calls you and tries to sell you shares directly, question it, don’t be a sheep

  7. harold rinds

    Nobody gets the fact that both of these guys actually went to prison for their crimes, unlike the guys from the big firms who did the pump and dump with the “dot bombs” and eight years later buried everybody with the financial crisis. The fact is that if you bought $1000 worth of every Stratton IPO and held it until the publishing of this article you would be way ahead. What is wrong with these guys fulfilling their sentence and getting on with their lives? Belfort got a book published and made into a major motion picture and Porush runs a giant company in a highly regulated industry. Obviously they are both intelligent businessmen, and are entitled to make a living.

  8. Andrzej Pyszniak

    This post makes me admire Jordan Belford even more and helped to finally reduce my admiration to Tim Sykes to almost zero. Wolf of Wall Street is the real hero for making and spending money 🙂

  9. timothysykes

    belfort is also supposed to pay back his victims, but he finds new way of cheating every year…i will hand it to the guy, if you want to learn how to be a career criminal, he’s the man to learn from!

  10. Vladi Vasilev

    Timothy, I don’t read a lot of blogs (cause they suck) but yours is on my list already… I like your style, it says: “I don’t give a fuck, I’m rich”… don’t get why people get motivated by Belfort either…

  11. AS

    ‘Fact: 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.’

    You mean buy?

    Interesting post, Jordan is one slimy guy

  12. Pingback: Fraud, Prostitutes And Drugs: Has ‘The Wolf Of Wall Street’ Jordan Belfort Truly Changed His Ways? | education android

  13. CashTheStampede

    I know this is a old article but damn, Tim. I look up to JB and you as well, you guys are 2 of many of my wealth teachers. Hasn’t he paid everyone back? I do get the sense that he’s a somewhat better guy nowadays. If he hasn’t paid the people back yet, then he absolutely, positively needs to pay everyone back ASAP.

  14. timothysykes

    Sadly no, he’s paid back less than 10% of what he owes…once he pays its back thats cool but rumor is he’s doing all his business in Australia so he’s not on the hook to his US victims #ScumbagMove

  15. Jaspreet

    Mr. Timothy…. You sir, know very well that anything with the name Jordan Belfort in it will attract people. I mean look at ur post! What are u trying to say? That he was corrupt and scammed people? Yes we know that already.
    He got greedy and corrupt, cut that part, but u still can’t disagree that he is was a super good business man and investor. Stratton oakmont was the hottest company in USA once.

    At present he still manages to be in headlines, got a top actor to play his role, movie on his life turns out to be a big hit and reaches Oscar. That’s what pissed you off Mr. Timy. Admit it! He has got something!

  16. Jumbo

    For all those posts that are pro Belfort. I worked on Wall Street and believe me these guys were as bad as it gets. They are criminals that mocked being legitimate and mocked the clients they stole from. Their intentions were to steal to enrich themselves. These stockbrokers were total low life’s and they got off way too easy. Any one who justifies what they have done and are still doing thinks it is is ok to steal and are probably worms yourself.

  17. Steve

    I am not defending his behavior manipulating stocks, but just a thought. So some slick stranger cold calls you on the phone, offers you some extremely risky penny stocks, you don’t research them or the stocks, you give them a credit card, you lose all your money, and it is Jordan’s fault? Lets just bail out everyone who has ever lost money on Wall Street like we did with the banks, and let’s refund everyone that has ever lost to a casino while we are at it. When you are a gambling addict, sometimes you buy into a rigged game. Only the dumbest people on the planet would fall for that, return their money and they will just lose it some other way. I don’t blame the bank because I did not take the time to understand my shitty subprime adjustable mortgage that made me lose my home 10 years ago. People need to wise up. With the internet and social media, these types of scams are hopefully short lived.

  18. Timothy Sykes Post author

    LOL there will always be financially naive people, all you can do is help educate them, NOT pitch them bullshit schemes…it’s sickening that people are defending this career criminal, but you probly work for him LOL

  19. Steve

    Tim, I don’t work for him, but I do admire and study his techniques for manipulation and I’m a huge Scorsese fan. So you got me there. Belfort wrote the script that beat the system, almost… lol. That is my biggest attraction. This stuff is not exactly new either. I read “How to win friends and influence people” when I was a kid, so “manipulation” is my middle name, but since I am in real estate, I can only twist someones are so far. I kill people with logic, not bullshit, that is my game. While I don’t try to sell people some piece of crap they don’t want, sometimes a little push is necessary to prevent them from backing out of buying a home completely. “So you are gonna let your landlord set your hard earned cash on fire for a few more months?” lol Getting people financially approved and getting them to sign an exclusive buyer-agent agreement is the real closing for me, everything else is easy.

Leave a Reply

Your email address will not be published.

Click here if you want to become a millionaire!

Close