The Self-Proclaimed “Wolf”

Despite his notoriety as the “Wolf of Wall Street,” Jordan Belfort never actually earned that nickname during his Wall Street days. He coined the term himself while writing his memoir from prison to spice up his bad-boy image.

During his heyday in the 1990s, Jordan ran the brokerage firm Stratton Oakmont with his business partner Danny Porush. They bilked investors out of millions through pump-and-dump schemes — artificially inflating the price of penny stocks they secretly owned to sell at the peak.

While the movie depicts Belfort as a young master of the universe, his actual Wall Street career was much less illustrious. Before Stratton Oakmont, Jordan worked at several boiler room brokerages that pushed dicey stocks on unsuspecting investors. Forbes once described his tactics as “taking from the rich and giving to himself.”

The Havoc Wreaked

At its height, Stratton Oakmont employed more than 1,000 stockbrokers and managed assets exceeding $1 billion. However, the firm was nothing more than a well-oiled machine designed to defraud everyday investors.

Between 1989 to 1996, Stratton Oakmont stole approximately $200 million from over 1,500 victims through manipulative sales tactics and outright fraud. Many of the affected individuals could ill afford to lose their life savings to Belfort’s greed. The real damage went far beyond the financial losses. Families were torn apart, lifesavings were lost, and lives were irreparably damaged in the wake of Belfort’s crimes.

In 1999, authorities finally caught up with Belfort and Porush, indicting them for securities fraud and money laundering. Belfort agreed to wear a wire and inform on his colleagues to receive a reduced sentence. Both he and Porush pleaded guilty to the charges against them.

Belfort ultimately served just 22 months in prison out of a 4-year sentence. The judge ordered him to repay over $110 million in restitution to his victims. However, decades later, he has paid back barely a fraction of what he owes.

The Elusive Restitution

According to his sentencing terms, Belfort is required to fork over 50% of his income toward restitution until he repays his victims in full. However, he has gone to extreme lengths to avoid paying his rightful dues.

From 2007 to 2009, Belfort paid just $700,000 toward his $110 million restitution — a pitiful amount compared to the lavish lifestyle he continues to lead. In fact, one year, he paid a paltry $21,000 after netting $1 million from his book and film rights deals.

It seems Belfort is all too eager to cash in on his crimes without concern for those he hurt along the way. In 2013, federal prosecutors had to intervene to make sure his victims received their court-ordered restitution. As part of a revised deal, Belfort must now pay at least $10,000 per month for the rest of his life until his debts are settled. However, at the current rate, his victims are unlikely to ever be made whole.

As of 2024, Belfort has repaid just $14 million — with the majority coming from forfeited assets rather than his own pocket. That means his victims are still owed approximately $100 million in restitution. For many, Belfort’s debt is a lifelong albatross while the man himself flaunts a lavish, unencumbered lifestyle.

The Unscrupulous Second Act

Following his release from prison, a remorseless Belfort has maintained his high-flying lifestyle through questionable means. He reinvented himself as a motivational speaker and consultant, charging tens of thousands of dollars per speech. Belfort also continues to receive royalties from book and film deals glorifying his criminal history.

In 2018, federal prosecutors dragged Belfort back to court upon discovering he pocketed $9 million in speaking fees without paying a dime toward restitution. The judge blasted his “greed run amok” and ordered him to fork over the money and pay his victims their rightful due.

Nonetheless, Belfort has faced little real justice compared to the suffering he inflicted. No new charges have stuck, and he continues living the high life while thumbing his nose at attempts to make his victims whole.

Belfort frequently flaunts private jets, luxury vehicles, and exotic vacations on social media. He even managed to keep his sprawling $3 million Los Angeles mansion after his conviction. And in 2022, the 60-year-old married his 29-year-old girlfriend in yet another lavish ceremony.

The former “Wolf” appears to be quite the wolf in sheep’s clothing — and the glamorous second act afforded him is an injustice to those still carrying the burden of his crimes.

The Verdict: Weasel Rather Than Wolf

While immortalized as the “Wolf of Wall Street,” Jordan Belfort behaves more like a weasel slipping away from the damage he wrought. He continues portraying himself as a reformed bad boy and champion of justice while going to desperate lengths to avoid paying back those he robbed for his own benefit.

Belfort frequently speaks about ethics and integrity between plugging his books, movie cameos, and latest business ventures. However, his actions make his words ring hollow. According to Celebrity Net Worth, he owes his victims $100 million in court-ordered payments but seems much keener on self-promotion than restitution.

In the end, Jordan Belfort didn’t earn the nickname “Wolf of Wall Street” nor does he deserve to be admired in any capacity. He is a convicted financial fraudster who has yet to pay the price for destroying innocent lives through greed and deceit. Belfort’s story serves as a cautionary tale of privileging toxic hustle culture over ethics. His continued evasion of consequences is the real wolf in sheep’s clothing.

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