News

FOUR THINGS ABOUT THE BAD BOY TURNED GOOD

Jordan Belfort has become somewhat of a star since the release of The Wolf of Wall Street. Here are four things you should know about the man.

DEFRAUDED INVESTORS OF US$200 MILLION (S$250M)

Belfort's securities firms Stratton Oakmont perfected the "pump and dump" scam.

Brokers would drive up the price of shares and Belfort and his partners would sell large chunks they owned.

This caused the share price to collapse and made the company a lot of money, but it left their clients penniless.

WROTE BOOK IN JAIL

In 2003, Belfort was arrested, placed in rehab and given a four-year sentence for securities fraud and money laundering.

He provided evidence against his colleagues and his sentence was shortened to 22 months.

While in prison, he was inspired by Tom Wolfe's novel, The Bonfire of the Vanities, and wrote part of his memoir, The Wolf of Wall Street, in jail. It was published in 2008.

MEMOIR-MOVIE A HIT

The three-hour film by Martin Scorsese, starring Leonardo DiCaprio as Belfort, grossed over US$389 million (S$487 million) worldwide.

It was nominated for the best picture, best director, best adapted screenplay, best actor and best supporting actor awards at the Oscars in March, but did not win anything.

CAN'T KEEP ALL EARNINGS

As part of his plea deal when he was arrested, Belfort must use half of his income each year to pay US$110 million (S$137.7 million) in restitution to his victims.

In a post on his Facebook page last December, Belfort claimed he is not keeping the money from the royalties of the movie and book.