Jordan Belfort Net Worth (Money & Salary)

What is Jordan Belfort’s Net Worth

Jordan Belfort, a former American stockbroker, convicted felon, and author, holds a net worth of negative $100 million. Often called “the wolf of Wall Street,” it’s important to note that this nickname was self-imposed while he was writing his memoir in prison; no one on Wall Street used it during his finance career.

From 1989 to 1996, Jordan operated the financial firm Stratton Oakmont, which executed pump-and-dump schemes, defrauding hundreds of millions from thousands of unsuspecting victims. In 1999, he and his co-founder Danny Porush faced indictments for securities fraud and money laundering, to which they both pleaded guilty. They received lighter sentences in return for cooperating with prosecutors.

As many may know, the 2013 film “The Wolf of Wall Street,” featuring Leonardo DiCaprio and directed by Martin Scorsese, depicted Jordan’s life in a highly stylized manner. Some could argue that the filmmakers engaged in ethical malpractice by glorifying Jordan Belfort, failing to adequately represent the significant harm caused to the actual victims of their fraud. Many victims were average citizens who could ill afford the losses they incurred. To add to this, Belfort made a cameo appearance towards the film’s end, which only enhanced his notoriety and helped him embark on a career in motivational speaking. In contrast, the 2000 film “Boiler Room,” which also draws inspiration from Belfort and Stratton Oakmont, provides a more realistic view of the consequences faced by those impacted by financial frauds.

Restitution

Throughout his tenure of deception, Jordan siphoned approximately $200 million from 1,513 victims. During his sentencing in 2003, he was mandated to repay $110 million as restitution. In addition, he received a four-year prison sentence, a reduction made possible by his cooperation as an FBI informant, during which he wore a wire to incriminate several former partners and associates. Ultimately, he served 22 months and was released in April 2008.

Initially, his restitution agreement required him to pay 50% of his gross income to his victims. Between 2007 and 2009, he contributed $700,000 toward this obligation, but in 2010, he made no payments.

In 2011, Jordan sold the film rights to his memoirs for $1.045 million to Red Granite Pictures. He received $940,500 upfront with an additional payment of $250,000 slated for 2012. Under the restitution rules, he should have paid around $500,000 to his victims that year, but he only contributed $21,000. The following year, the U.S. government pressured Red Granite to pay $125,000 directly to them, half of his 2012 payment, resulting in a total repayment of $158,000 for that year.

In 2013, a modification to his restitution agreement allowed for a minimum payment of $10,000 each month for life, rather than the previous 50% of all gross earnings.

To date, Jordan has repaid approximately $13-14 million in restitution, predominantly from $11 million realized through property sales relinquished at sentencing. Consequently, he still owes around $100 million to his victims.

In 2018, Jordan was summoned back to court by prosecutors concerning about $9 million he reportedly earned from speaking engagements between 2013 and 2015, which, allegedly, he did not allocate any of towards restitution.

Coined the Nickname “Wolf of Wall Street”

The film from 203 draws inspiration from Jordan’s 2007 memoir, which shares the same title, “The Wolf of Wall Street.” Given that both the book and movie share the title and that Jordan is frequently referred to by this nickname in various interviews and articles, one might think he was widely known as “the wolf of Wall Street” during his career in finance. This assumption is profoundly INCORRECT. In reality, Jordan Belfort was never dubbed “the Wolf of Wall Street” while he was engaged in financial scams.

But where did the nickname originate? In fact, Jordan assigned that nickname to himself while penning his memoir from prison. It’s been reported that his cellmate, Tommy Chong of Cheech and Chong fame, encouraged him to author the memoir.

The film, financed with money stolen by fugitive Jho Low from the Malaysian government, implies that the nickname “wolf of Wall Street” was given to Jordan by a Forbes writer in a cover story from 1991. This is untrue. The original Forbes article was titled, “Steaks, Stocks – What’s the Difference?,” highlighting that before his career as a stockbroker, Belfort sold steaks and seafood door-to-door on Long Island. The article later characterized Jordan as a “twisted Robin Hood who takes from the rich and gives to himself and his merry band of brokers.” Additionally, it referred to his business approach as “pushing dicey stocks on gullible investors.” At no moment was he labeled as a “wolf.”

Background

On July 9, 1962, Jordan Ross Belfort was born in The Bronx, New York. He grew up in Bayside, Queens, within a Jewish family. During the summer between high school and college, Belfort and a close friend made $20,000 selling Italian ice from coolers at the beach. He graduated from American University with a biology degree. Subsequently, he enrolled in dental school at the University of Maryland but did not complete the program.

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on the first day of classes, a faculty member remarked that becoming a dentist was not a path to wealth.

Career

Belfort initially sold meat and seafood directly to consumers in Long Island, New York. His door-to-door meat business expanded from a solo operation to a company employing multiple people, selling 5,000 pounds of beef and fish weekly. After filing for bankruptcy at 25, he secured a position as a stockbroker trainee at L.F. Rothschild. It was said that his first boss told him that the secrets to success included masturbation, cocaine, and hookers. Following the stock market crash on Black Monday in 1987, he was laid off. Nevertheless, Belfort became determined to earn the big money that more established stockbrokers were making. Throughout the late 1980s, he worked with various financial firms, absorbing as much knowledge as he could. By 1989, having refined his sales pitch, he made the decision to establish his own firm.

In the early 1990s, Belfort established Stratton Oakmont. The firm focused on marketing penny stocks in a ‘boiler room’ environment. He utilized a pump-and-dump scheme to defraud his investors. At the pinnacle of Stratton Oakmont’s success, over 1,000 stockbrokers were employed by him, managing assets exceeding $1 billion. However, the National Association of Securities Dealers began investigating both Belfort and Stratton Oakmont closely. In December 1996, the association expelled Stratton Oakmont from its membership, leading to the firm’s closure.

Reports indicate that Belfort funneled his money into Swiss banks, assisted by his mother-in-law and his wife’s aunt in smuggling it to Switzerland. While running Stratton Oakmont, he allegedly organized parties that featured midget-tossing contests.

Motivational Speaking Career

After his prison sentence, Belfort transformed himself into a motivational speaker by starting a venture named Global Motivation, Inc. He dedicated around three weeks each month to traveling, giving speeches about the importance of ethics in business and the value of learning from mistakes. In the 1990s, for example, he felt he was justified in violating financial regulations since many others were doing the same. Engaging Belfort for a speaking event costs between $30,000 to $75,000, while a sales seminar with him starts at $80,000. His speeches have received mixed reviews, with some audiences reacting unfavorably to his anecdotes about flouting the regulations from his past.

Writing Career

Belfort authored the memoirs “The Wolf of Wall Street” and “Catching the Wolf of Wall Street,” both of 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 released “Way of the Wolf: Become a Master Closer with Straight Line Selling” in 2017.

Personal Life

While at Stratton, Belfort indulged in an extravagant lifestyle

and hosted numerous parties. Furthermore, he engaged in recreational drug use, particularly methaqualone, commonly known as quaaludes. Bo Dietl, his former head of security, recounted in an interview that he never witnessed Belfort in a sober state during his employment and disclosed that Belfort had substantial connections to the Mob.

During his tenure at Stratton Oakmont, Belfort divorced his first wife, Denise Lombardo. Their marriage lasted from 1985 until 1991. In 1991, he wed British-born model Nadine Caridi, whom he met at a gathering. The couple had two children, Chandler and Carter. Their separation occurred after she alleged domestic violence (likely attributed to drug use), resulting in their divorce in 2005. In 2008, Belfort entered into marriage with Anne Koppe, but they divorced in 2020. As of 2021, he began a relationship with Cristina Invernizzi.

In prison, his cellmate was Tommy Chong, who motivated Belfort to pen “The Wolf of Wall Street.”

Belfort acquired a luxury yacht named Nadine, originally constructed in 1961 for renowned designer Coco Chanel. He renamed the vessel in honor of his second wife. Tragically, the yacht sank near the coast of Sardinia in June 1996, but everyone onboard was rescued by the Italian Navy’s Special Forces. Eventually, Belfort confessed to having insisted on navigating the yacht in severe winds, despite the captain’s warnings.

Long Island Mansion

In October 1992, Jordan purchased a 9,000-square-foot mansion situated on two acres in Old Brookville, New York, for $5.775 million. In 2001, the federal government seized this property and sold it to compensate some of Belfort’s fraud victims. The home was sold by the government in March 2001 for $2.53 million. In 2015, it was listed on the market for $4.75 million. By August 2018, the price was reduced to $2.89 million, and it eventually sold in October 2018 for $2.4 million.