From one of the richest authors and businessman to having a deficit net worth. Jordan Belfort is one person you should create time for and read his story. Today we cover his worth, how he began, and where he is currently.
Before, that have you read The Wolf of Wall Street or Catching the Wolf of Wall Street? Then if so, you probably are aware of Belfort. These two books are available in different versions (40 countries and in 18 languages).
Net Worth: -$100 Million
Full Name: Jordan Ross Belfort
Date of Birth: 9th July 1962
Place of Birth: The Bronx, New York City, New York, U.S.
Occupation: Author, Businessperson, Motivational Speaker
Wives: Denis Lombardo, Nadine Caridi, Anne Belfort
Early Life of Jordan Belfort
9th July 1962 was when Jordan Ross Belfort was born in The Bronx in New York City. His family was Jewish, and he grew up in Bayside, Queens. Together with Elliot Loewenstern before finishing high school and joining a college that made $20,000.
This is after they sold Italian ice Styrofoam coolers to people chilling on a local beach. After high school, he went to the American University and graduated with a degree in Biology. He wasn’t done with school he enrolled at the University of Maryland School of Dentistry. He used the money they earned with Elliot to pay for his tuition at the school.
However, he didn’t get to study dentistry after the dean told him he’s in the wrong place if his motive is to check the course and make lots of cash.
Business Life of Jordan Belfort
Belfort’s first business was selling seafood and meat from door-to-door at Long Island. According to his reports during interviews, the company was thriving as he had to employ several people, and he was selling up to 2.3 Kgs of meat a week.
By the age of twenty-five, the business was not doing well, and Jordan Belford had to file for bankruptcy. After that, he became a trainee stockbroker at L.F. Rothschild with the help of a family friend.
Financial issues at the firm led to his termination. As per him, L.F. Rothschild was having economic problems due to Black Monday.
Founding Stratton Oakmont
After his termination, Jordan Belfort decided to start his company Stratton Oakmont. This company was boiler room for penny stocks, but it defrauded investors with P&D type of stock sales.
The money he acquired at the firm was so much that made him live an expensive lifestyle. He became a drug addict. The company was doomed to failure after employing over a thousand stock brokers. After that, it had billion-dollar stock issues. This made the National Association of Securities Dealers start investigating Stratton.
The investigation began in 1989 and ended in 1996, which saw Oakmont expelled for defrauding investors and money laundering. The expulsion was effective in 1999.
This decision saw Jordan Belfort sentenced to jail for four years but only served twenty-two months. After a plea deal with the FBI, the jail term became short.
Belfort was then ordered to pay $110.4 million of the $200 million loses that was discovered. While in jail he was a cellmate to Tommy Chong who is currently working as a motivational speaker and writer.
After the FBI’s investigation, Jordan Belfort had to pay fifty per cent of his income towards compensating (restitution) the one thousand five hundred and thirteen clients he defrauded. This was nearly $110 million to which he has only paid $10 million of the money to date.
Belfort had to pay his clients till 2009, and after that, he decided not to pay them. This resulted in issues, but eventually, he agreed with the government how much he would be paying for a lifetime. They decided to $10,000 a month. There are issues with him spending the clients, and this came up after the movie The Wolf of Wall Street.
Jordan Belfort as an Author
The Wolf of Wall Street and Catching the Wolf of Wall Street are his two memoirs. The two books have since been adopted into movies which see Leonardo DiCaprio playing Belfort’s character. Other actors in the films include;
- Margot Robbie
- Jonah Hill
Him as a Motivational Speaker
Since he left prison, Jordan Belfort decided to become a motivational speaker. His notable live seminar was in Australia called The Truth Behind His Success. Jordan Belfort has also done speeches in many countries.
Belfort’s earnings were between $30000 to $75000 per-engagement speaking fee and per sales seminar fee was $80000 and above.
Jordan Belfort had a first wife known as Denise Lombardo whom he later divorced. After Denise, Nadine Caridi was his next wife. She is of British descent and was a model.
They had two kids with Nadine later separated with Caridi citing domestic violence. They got divorced in 2005.
Belfort loves playing tennis.