Jordan Belfort Net Worth (Money & Salary)

What is Jordan Belfort’s Net Worth

Known as an American ex-stockbroker, convicted felon, and author, Jordan Belfort currently has a net worth of negative $100 million. Although referred to as “the wolf of Wall Street,” it’s important to note that during his financial career, no one on Wall Street actually called him that name; he adopted it while writing his memoir from prison.

From 1989 to 1996, Jordan operated the financial firm Stratton Oakmont, which was responsible for orchestrating pump-and-dump schemes that illegally took hundreds of millions of dollars from numerous unsuspecting victims. In 1999, both Belfort and his co-founder Danny Porush faced indictment for securities fraud and money laundering, to which they both pleaded guilty. Their sentences were lessened in return for their cooperation with the prosecution.

The 2013 film “The Wolf of Wall Street,” featuring Leonardo DiCaprio and directed by Martin Scorsese, presented a loosely based portrayal of Jordan’s life. One could argue that the filmmakers engaged in ethical malpractice by glamorizing Jordan Belfort and failing to adequately depict the harm caused to the victims of his fraud. Many individuals who lost money due to Jordan and Stratton Oakmont’s actions were modest, struggling people who couldn’t afford such losses. To exacerbate matters, Jordan made a cameo appearance near the film’s conclusion, which further enhanced his notoriety and propelled him into a career as a motivational speaker. In contrast, the film “Boiler Room,” also loosely inspired by Belfort and Stratton Oakmont, presents a more accurate portrayal of the consequences faced by victims of financial pump-and-dump scams.

Restitution

Throughout Jordan’s era of financial deception, he embezzled approximately $200 million from 1,513 victims. During his sentencing in 2003, he was mandated to repay $110 million in restitution. Additionally, he was sentenced to four years in prison, a notably reduced term due to his collaboration with the FBI, which involved wearing a wire to implicate several former partners and associates. Ultimately, he served 22 months and was released in April 2008.

According to the original restitution arrangement, he was required to pay 50% of his gross income to his 1,513 victims. Between 2007 and 2009, Jordan contributed $700,000 towards this restitution, and in 2010, he made no payments whatsoever.

In 2011, he sold the film rights to his two memoirs to Red Granite Pictures for $1.045 million, receiving $940,500 upfront and an additional $250,000 slated for 2012. Under his restitution obligations, he would have been expected to pay his victims around $500,000 in 2011; however, he only paid $21,000 that year. In 2012, the U.S. government pressured Red Granite to directly pay it $125,000 (half of his $250,000 payment), resulting in a total payment to restitution of $158,000 for that year.

In 2013, an adjustment to his restitution plan was approved by the U.S. government, changing the requirement from 50% of all gross earnings to a set minimum of $10,000 per month for life.

As of now, Jordan has repaid approximately $13-14 million in restitution, the majority of which ($11 million) came from the sale of property relinquished during sentencing. Consequently, he still owes his victims around $100 million.

In 2018, authorities brought Jordan back to court over approximately $9 million earned from speaking fees between 2013 and 2015, as he reportedly did not allocate any portion of this income towards his restitution obligations.

Origin of the “Wolf of Wall Street” Nickname

The film from 203 is based loosely on Jordan’s 2007 memoir, which shares the same title, “The Wolf of Wall Street.” Given the titles of both the book and the movie, along with Jordan being frequently called that nickname in media and interviews, one might think that “the wolf of Wall Street” was a common reference to him during his time in finance. However, this assumption is absolutely FALSE. In reality, Jordan Belfort was never labeled as “the Wolf of Wall Street” while he was engaged in financial fraud.

So, what is the source of this nickname? Jordan chose that nickname for himself while penning his memoir from prison. It has been suggested that Tommy Chong, known for his role in Cheech and Chong, was the one who motivated him to write a memoir during their time together.

In the movie, which was funded with stolen money from the Malaysian government by fugitive Jho Low, the nickname “wolf of Wall Street” is mistakenly depicted as being attributed to Jordan in a 1991 Forbes magazine cover article. This claim is incorrect. The actual title of the Forbes article was “Steaks, Stocks – What’s the Difference?,” which referred to the fact that prior to becoming a stockbroker, Belfort sold steaks and seafood door-to-door in Long Island. Furthermore, the article referred to him as a “twisted Robin Hood who takes from the rich and gives to himself and his merry band of brokers.” It also characterized his business approach as “pushing dicey stocks on gullible investors.” Not once was he referred to as a “wolf.”

Background and Early Years

On July 9, 1962, Jordan Ross Belfort was born in The Bronx, New York. He grew up in a Jewish family in Bayside, Queens. During the summer between high school and college, Belfort and a close friend made $20,000 selling Italian ice from coolers on the beach. He earned a degree in biology from American University. Following this, he enrolled in the dental program at the University of Maryland but left after

On the first day of classes, a faculty member commented that becoming a dentist wasn’t a viable path to wealth.

Career

Initiating his entrepreneurial journey, Belfort sold meat and seafood door-to-door across Long Island, New York. His single-person business expanded into a larger company, employing multiple individuals and selling 5,000 pounds of beef and fish each week. At the age of 25, he declared bankruptcy and began working as a stockbroker trainee at L.F. Rothschild. Allegedly, his initial boss imparted that the secrets of success included masturbation, cocaine, and hookers. Following the 1987 Black Monday stock market crash, he was let go by this firm. Undeterred by this setback, he became enamored with the prospect of earning the substantial incomes that senior stockbrokers enjoyed. During the late 1980s, he gained experience at various financial firms, absorbing as much knowledge as he could. After honing his sales pitch, he made the decision to establish his own firm in 1989.

Stratton Oakmont was founded by Belfort in the early 1990s, operating in a boiler room environment focused on penny stocks. He utilized a pump-and-dump scheme to deceive his investors. At its peak, Stratton Oakmont boasted over 1,000 stockbrokers and managed more than $1 billion in assets. However, the National Association of Securities Dealers began investigating Belfort and his firm, scrutinizing their transactions closely. In December 1996, the association expelled Stratton Oakmont from its membership, leading to the firm’s closure.

It has been reported that Belfort funneled his money into Swiss banks, with assistance from his mother-in-law and his wife’s aunt in smuggling the funds overseas. While managing Stratton Oakmont, he was said to host extravagant parties that featured midget-tossing contests.

Motivational Speaking Career

After serving his prison sentence, Belfort transformed his career into that of a motivational speaker by founding a business named Global Motivation, Inc. He dedicates roughly three weeks each month to travel, delivering talks that stress the significance of ethics in business and learning from one’s mistakes. In the 1990s, for instance, he felt justified in breaking financial regulations because many others were doing the same. Engaging Belfort for a speaking event ranges from $30,000 to $75,000, while hiring him for a sales seminar starts at $80,000. His speeches have received mixed reviews, with some attendees critiquing his recounting of past violations of financial regulations.

Writing Career

Belfort authored the memoirs “The Wolf of Wall Street” and “Catching the Wolf of Wall Street,” which have seen publication in around 40 countries and translation into 18 languages. “The Wolf of Wall Street” was adapted into a film featuring Leonardo DiCaprio, Jonah Hill, and Margot Robbie, directed by Martin Scorsese. Additionally, he penned “Way of the Wolf: Become a Master Closer with Straight Line Selling,” which debuted in 2017.

Personal Life

During his tenure at Stratton, Belfort indulged in a luxurious lifestyle,

He frequently hosted parties and also partook in recreational drugs, notably methaqualone, commonly known as quaaludes. Bo Dietl, his former head of security, shared in an interview that he never witnessed Belfort sober during his employment with him and disclosed Belfort’s significant connections to the Mob.

During the period when Belfort was operating Stratton Oakmont, he divorced his first wife, Denise Lombardo. Their marriage lasted from 1985 to 1991. In 1991, he wed British model Nadine Caridi, whom he met at one of his parties. Together, they parented two children — Chandler and Carter. Following allegations of domestic violence (which were likely exacerbated by drug use), they parted ways and finalized their divorce in 2005. Belfort married Anne Koppe in 2008, but they ended their marriage in 2020. As of 2021, he began a relationship with Cristina Invernizzi.

In prison, Tommy Chong was his cellmate and played a pivotal role in motivating Belfort to author “The Wolf of Wall Street.”

Belfort acquired the luxury yacht named Nadine, originally constructed in 1961 for the well-known designer Coco Chanel. He chose to rename the yacht in honor of his second wife. In June 1996, the vessel sank off the coast of Sardinia, yet all passengers onboard were rescued by the Italian Navy’s Special Forces. Belfort later admitted that he had insisted on sailing the yacht amidst high winds, despite the captain’s warnings.

Long Island Mansion

In October 1992, Jordan invested $5.775 million in a mansion spanning 9,000 square feet on two acres in Old Brookeville, New York. This mansion was seized by the federal government in 2001 and subsequently sold to compensate some of Belfort’s fraud victims. The home was sold by the government in March 2001 for $2.53 million. It was listed on the market again in 2015 for $4.75 million, but by August 2018, the price was reduced to $2.89 million. Ultimately, it sold for $2.4 million in October 2018.