Jordan Belfort Net Worth (Money & Salary)

What is Jordan Belfort’s Net Worth

Jordan Belfort, an American ex-stockbroker, author, and convicted felon, currently has a net worth of negative $100 million. Often labeled “the wolf of Wall Street,” it is important to note that during his time in finance, no one on Wall Street referred to him by that nickname; he assigned it to himself while penning his memoir from jail.

From 1989 to 1996, Jordan was at the helm of the financial firm Stratton Oakmont, which executed pump-and-dump schemes that defrauded innocent victims of hundreds of millions of dollars. In 1999, Belfort and co-founder Danny Porush faced indictment for securities fraud and money laundering, both ultimately pleading guilty. Their sentences were lessened in return for their cooperation with the prosecutors.

The 2013 movie “The Wolf of Wall Street,” featuring Leonardo DiCaprio and directed by Martin Scorsese, presents a somewhat loose interpretation of Jordan’s life. Some might argue that ethical malpractice was committed by the filmmakers, who contributed to the glorification of Belfort without presenting the full extent of the damage inflicted on his victims. Many were ordinary individuals who could ill afford the losses they suffered. Moreover, for reasons that remain unclear, Belfort made a cameo in the film, further enhancing his visibility and enabling him to launch a career as a motivational speaker. In contrast, the 2000 film “Boiler Room,” which also loosely mirrored Belfort’s story, offers a more authentic depiction of the detrimental effects of financial pump-and-dump schemes on victims.

Restitution

Throughout his deceitful tenure, Jordan swindled nearly $200 million from 1,513 victims. At his sentencing in 2003, he was mandated to repay $110 million in restitution. Additionally, he received a four-year prison sentence, later reduced from a lengthier term due to his cooperation as an FBI informant, during which he recorded conversations to implicate former partners and associates. Ultimately, he spent 22 months imprisoned, with his release occurring in April 2008.

The original restitution agreement required him to pay 50% of his gross income back to his victims. Between 2007 and 2009, he contributed $700,000 towards this obligation. However, in 2010, he did not make any payments.

In 2011, Jordan sold the screen rights to his two memoirs to Red Granite Pictures for $1.045 million, receiving $940,500 initially and an expected $250,000 in 2012. By the terms of his restitution, it was anticipated that he would pay approximately $500,000 to his victims in 2011. Instead, he only contributed $21,000 that year. The US government intervened in 2012, urging Red Granite to directly send $125,000 (half of his $250k payment) to them. His total payment for 2012 reached $158,000.

In 2013, adjustments were made to Jordan’s restitution agreement, shifting from 50% of gross earnings to a minimum of $10,000 each month for life.

So far, Jordan has paid back approximately $13-14 million in restitution, most of which ($11 million) originated from the sale of properties relinquished during his sentencing. Consequently, he still owes around $100 million to his victims.

In 2018, prosecutors summoned Jordan back to court regarding around $9 million of speaking fees he earned from 2013 to 2015, which he allegedly did not allocate towards his restitution obligations.

Nickname “Wolf of Wall Street” Creation

The 203 film draws its inspiration from Jordan’s memoir released in 2007, also titled “The Wolf of Wall Street.” Given the titles of both the book and the movie, along with Jordan’s frequent references by that nickname in interviews and articles, it might be easy to conclude that he was routinely called “the wolf of Wall Street” during his time in finance. This is extremely FALSE. In reality, during his days of financial manipulation, Jordan Belfort was never known as “the Wolf of Wall Street.”

So, where did this nickname originate? It turns out that Jordan self-assigned that nickname while penning his memoir from prison. Reports suggest that his cellmate, Tommy Chong, famous for Cheech and Chong, encouraged him to write the book.

In the movie, financed with funds embezzled by fugitive Jho Low from the Malaysian government, the nickname “wolf of Wall Street” is depicted as having been gifted to him by a Forbes writer in a cover story from 1991. This claim is incorrect. The actual Forbes piece was titled, “Steaks, Stocks – What’s the Difference?,” which referenced Belfort’s previous work selling steaks and seafood door-to-door on Long Island before becoming a stock broker. Further, the article described Jordan 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 practices as “pushing dicey stocks on gullible investors.” At no point was he referred to as a “wolf.”

Background and Childhood

Born in The Bronx, New York, on July 9, 1962, Jordan Ross Belfort grew up in a Jewish household in Bayside, Queens. During the summer between high school and college, he and a close friend made $20,000 selling Italian ice to beachgoers. Belfort earned a degree in biology from American University and subsequently enrolled in the University of Maryland School of Dentistry. However, he dropped out after

The initial day of classes when a faculty member remarked that becoming a dentist wasn’t a path to wealth.

Career

Belfort began his career selling meat and seafood door-to-door in Long Island, New York. From its humble beginnings as a one-man business, his venture scaled up to a company hiring numerous employees and selling 5,000 pounds of beef and fish weekly. At the age of 25, he declared bankruptcy and secured a position as a stockbroker trainee at L.F. Rothschild. It is said that Belfort’s first superior advised him that success hinged on masturbation, cocaine, and hookers. After the 1987 Black Monday stock market crash, he lost his job at this firm. This obstacle, however, did not deter Belfort; he remained captivated by the prospect of earning the significant incomes enjoyed by veteran stockbrokers. Throughout the late 1980s, he was employed at various financial institutions, absorbing knowledge and honing his skills. By 1989, having refined his sales pitch, he opted to launch his own company.

In the early 1990s, Belfort established Stratton Oakmont. This firm specialized in marketing penny stocks within a boiler room environment. Using a pump-and-dump strategy, he defrauded investors. At the peak of Stratton Oakmont’s prosperity, the firm had over 1,000 stockbrokers and managed more than $1 billion in assets. Nevertheless, the National Association of Securities Dealers became aware of Belfort and his company, closely monitoring their transactions. Eventually, in December 1996, Stratton Oakmont was expelled from the association, leading to the firm’s closure.

Reports indicate that Belfort laundered money into Swiss banks, aided by his mother-in-law and his wife’s aunt who helped transport funds to Switzerland. While operating Stratton Oakmont, he allegedly organized extravagant parties that featured midget-tossing contests.

Motivational Speaking Career

After serving his time in prison, Belfort transformed into a motivational speaker by founding a company called Global Motivation, Inc. He spends around three weeks each month traveling, giving speeches about the significance of ethics in business and learning from one’s errors. Back in the 1990s, for instance, he justified his rule-breaking behavior, noting that many others did the same. Engaging Belfort for a speaking event will cost between $30,000 and $75,000, while his sales seminars begin at $80,000. Reviews of his speeches have been mixed, with some criticizing him for recounting tales of his past disregard for financial regulations.

Writing Career

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

Personal Life

Throughout his tenure at Stratton, Belfort enjoyed a lavish lifestyle.and frequently hosted parties. He also indulged in recreational drugs, notably methaqualone or quaaludes. During an interview, his ex-head of security, Bo Dietl, disclosed that he never witnessed Belfort sober while employed with him and highlighted Belfort’s significant connections to the Mob.

During Belfort’s tenure at Stratton Oakmont, he and his first wife, Denise Lombardo, ended their marriage. Their union lasted from 1985 to 1991. In 1991, he wed British model Nadine Caridi, whom he met at a party. They had two children, Chandler and Carter. Their separation followed her allegations of domestic violence (possibly related to drug use), culminating in a divorce in 2005. In 2008, Belfort married Anne Koppe, but they divorced in 2020. By 2021, he began a relationship with Cristina Invernizzi.

In prison, Tommy Chong was Belfort’s cellmate and was instrumental in encouraging him to write “The Wolf of Wall Street.”

Belfort acquired the luxury yacht Nadine, originally built in 1961 for the renowned designer Coco Chanel, and he renamed it after his second wife. The yacht sank near the coast of Sardinia in June 1996, but all passengers were rescued by the Italian Navy’s Special Forces. Subsequently, Belfort acknowledged that he insisted on navigating the yacht in adverse weather, disregarding the ship captain’s warnings.

Long Island Mansion

Jordan purchased a 9,000-square-foot mansion on two acres in Old Brookville, New York, for $5.775 million in October 1992. The federal government seized this property in 2001 and later sold it to compensate some of Belfort’s fraud victims. The house was sold by the government in March 2001 for $2.53 million. It re-entered the market in 2015 for $4.75 million, but by August 2018, the listing price dropped to $2.89 million. Ultimately, it was sold in October 2018 for $2.4 million.