Jordan Belfort - From 'Wolf Of Wall Street' To 'Deadbeat On Main Street'

For Jordan Belfort -the Long Island penny-stock boiler-room operator of "Wolf of Wall Street" infamy - trouble does not seem to stray too far from his life on 'Main Street' as prosecutors say, he isn’t just a con, but also a deadbeat, and they want him to pay up.

For those who’ve forgotten, Bloomberg reports that at his sentencing in 2003, Belfort was ordered to pay $110.4 million in restitution and other penalties.

Belfort was released from prison in April 2008. He was convicted of defrauding 1,513 investors out of more than $200 million and sentenced to four years behind bars. He was also ordered to pay 50 percent of his gross income to victims after he was freed.

Belfort's brash, dishonest behavior at Stratton Oakmont was glorified on screen by Leonardo DiCaprio in the movie based on his memoir.. and made the 'wolf' about $100 million, helping to start Belfort’s second career as a motivational speaker.

There's just one problem with all this new-found wealth...

The government says he still owes about $97 million. U.S. District Judge Ann Donnelly in Brooklyn, New York scheduled a hearing Wednesday on the matter.

The argument is likely to focus on technical legal and accounting issues. Prosecutors say in court papers that Belfort paid about $700,000 to victims between 2007 to 2009, and nothing in 2010; he has also paid $12.8 million, mainly from property he relinquished at sentencing, they say.

Belfort and his lawyer, Sharon Cohen Levin, dispute the government’s numbers and what he should pay.

In 2014, Belfort told Inside Edition that he planned on paying back about $100 million to more than 1,500 victims that year.

"I'm actually doing a US tour that I announced and I'm giving a hundred percent of the profits to pay back the victims," he told Inside Edition's Chief Investigative Correspondent Lisa Guerrero.

However, it's three years later and he still owes the same amount of money despite living a life of luxury, as The Daily Mail reports, these days he travels the world making big bucks as a lecturer, spilling the secrets of how you can 'become rich' too.

“Once everyone is paid back, believe me I will feel a lot better,” he said at the time.

“My goal is to give more than I get, that’s a sustainable form of success.”

"I want to vomit when I look at these pictures," retired dentist Alfred Vitt and Belfort victim said when he was shown photos of Belfort's lavish vacations by Inside Edition.

"He's a liar and a damn crook."

We tend to agree with Mr. Vitt as at the current rate Belfort is paying - between $4,000 and $5,000 per month - it would take him more than 1,600 years to pay back all his victims.

 

 

Tags

Comments

mikka wee-weed up Wed, 05/16/2018 - 18:27 Permalink

"retired dentist Alfred Vitt"

Why does a retired dentist need more money??????

 

Edit: I have no sympathy for $500k/year greedy dentists who are looking for shady "investments" to make even more money. If Alfred the dentist put his money in an index fund, like any working class folk, he would have been safe, and retired even earlier.

 

In reply to by wee-weed up

SACRED-COW JRobby Wed, 05/16/2018 - 19:16 Permalink

He's a asshole and should be put back in jail, but, he made me a pile of money with Steve Madden, Calloway Golf and Prince Tennis. Stanton's little wolves would hound me at work and Jordan would take the phone if they couldn't convince me to buy whatever stock they were pushing.  I got into screaming matches with them when I wanted to sell and even went to the point of threatening them.  They would always back down and sell my position for a nice tidy profit.  If you weren't a bear, the wolves at Stranton would eat you alive.

 

whatswhat1 (executed)

___read.between___ (executed)

SACRED-COW (awaiting execution)

In reply to by JRobby

BigCumulusClouds PrayingMantis Thu, 05/17/2018 - 03:57 Permalink

Belfort did not put a gun to anyone’s head, telling them to buy penny stocks. But when  he purportedly did his IPO’s, misrepresenting company prospects, that’d be a different story.  Like the junk bond guy a few years earlier, Michael Milkin, his greatest crime was taking business away from Wall Street banks. That’s when he got the attention of the FBI. 

In reply to by PrayingMantis

A Sentinel HRH of Aquitaine 2.0 Thu, 05/17/2018 - 00:31 Permalink

Downvote pride!

Sometimes it’s the disapproval that you get that shows character.

The enemy revels in its depravity: we must be encouraged by their hatred and smears and if they will not listen to hear, we have no further obligation. A “bright” and all-together moral fellow makes that point again and again. Isaiah 6 is a great example.

In reply to by HRH of Aquitaine 2.0

mikka Rocbottom Thu, 05/17/2018 - 08:11 Permalink

Robo, you f*kin idiot (sorry, I couldn't resist), you completely missed my point.

Have you heard the expression "a fool and his money are soon parted"?

Obviously, you have no idea what communism is. In communism, there is not even a stock market, stocks, stock operators etc. In communism, Belford would have been a dentist, hahahaha.

 

In reply to by Rocbottom

401K of Dooom mikka Thu, 05/17/2018 - 00:18 Permalink

You think that's bad?  When I lived in Massachusetts, my dentist, in Chelmsford, was fined 200K by the S.E.C. for currency fraud or something to that effect.  Ya gotta be careful.  Oh and this same dentist screwed-up my refilling of a tooth and I had to get a root canal on it.  If you live in MA. and need a root canal, look up Dr. Joann Mirras.  She did my root canal and it is in great condition after all these years.  

In reply to by mikka

Harry Lightning HRH of Aquitaine 2.0 Wed, 05/16/2018 - 19:03 Permalink

It is amazing what some actors or their doubles are willing to do in front of a camera. I guess for some people, if the money's right...

I didn't like that movie either. As I was a stock broker and fund manager after I got out of the war business, I felt that companies like Belfort's gave everyone in the business a bad name even if they were law-abiding and upstanding. While I did appreciate the fun they had at work since the place was run like a frat house, it is painful to think of all the people who were robbed of their savings just so these imbeciles could make money off companies that should never have been permitted to be sold to the public. 

I guess the only good thing about the story is that it forced the government to crack down on the penny-stock operators who were responsible for so many lie-filled presentations, the only aim of which was to separate investors from their money. People who knew little about investments other than they needed to use them to provide for their retirement were fleeced by these scam artists back in the day before the regulations, and hopefully now there are enough safeguards to prevent that from happening again.

I would like to know why it is that if Belfort made millions upon millions on the movie, why was that money not paid directly to the government to pay down the fines imposed on Belfort as part of his sentencing ? If the IRS can garnish the paychecks of deadbeat taxpayers, why didn't the Justice Department do the same to Belfort ? 

 

In reply to by HRH of Aquitaine 2.0

Harry Lightning zippedydoodah Wed, 05/16/2018 - 20:33 Permalink

Hey, go fuck yourself asswipe.  There's a difference between legitimate acting and acting like a deprived imbecile without any integrity. You should know well about that. As HRH noted, having a candle stuck up your butt while filming a scene is not acting, its degradation.

But then again, you whose asshole bled for three weeks after the first time you got laid would not understand what is degrading about being filmed getting things shoved up your ass. Did you ever get that dead gerbil out yet ?

In reply to by zippedydoodah

swmnguy Harry Lightning Wed, 05/16/2018 - 21:46 Permalink

When you're an actor, it's your job to do what's in the script.  The difficult, and for some people personally dangerous part, is to get your mind re-arranged so what happens in the script and what your character is supposed to say and do makes some sort of sense.  Otherwise people won't believe it when they see it.

It's acting.  It's not you doing it, mentally.  It's not the least bit easy work, to do it well.  I've known a number of actors who were very talented and decided they just couldn't do it, mentally.  It got too weird for them.  They made the right choice, I think, though some of them probably could have gotten big, given the right breaks.

In reply to by Harry Lightning