Jordan Belfort Net Worth (Money & Salary)

What is Jordan Belfort’s Net Worth

An American former stockbroker, author, and convicted felon, Jordan Belfort boasts a net worth of negative $100 million. Often dubbed “the wolf of Wall Street,” it’s important to note, as elaborated in further sections below, that no one from Wall Street referred to him with that title during his finance career; he assigned the nickname to himself while writing his memoir from prison.

From 1989 to 1996, Jordan operated the financial firm Stratton Oakmont, which executed pump-and-dump schemes defrauding innocent victims of hundreds of millions of dollars. In 1999, both Belfort and his business partner Danny Porush faced indictment for securities fraud and money laundering, eventually pleading guilty. They received reduced sentences in exchange for their cooperation with authorities.

The 2013 film “The Wolf of Wall Street,” featuring Leonardo DiCaprio and directed by Martin Scorsese, provided a loose depiction of Jordan’s life. One could contend that the filmmakers engaged in ethical malpractice by glorifying Jordan Belfort; at the very least, they failed to adequately represent the harm inflicted upon the real victims of his fraudulent actions. Many victims were individuals who could ill afford to lose the money taken from them. Additionally, inexplicably, Belfort made a cameo in the film, further enhancing his fame and enabling a new career as a motivational speaker. In contrast, the movie “Boiler Room,” released in 2000 and also somewhat based on Belfort and Stratton Oakmont, more effectively illustrated the effects on victims of financial pump-and-dump frauds.

Restitution

During his tenure of deceit in the financial world, Jordan swindled approximately $200 million from 1,513 victims. At his sentencing in 2003, he was mandated to repay $110 million in restitution and serve four years in prison, a reduced sentence due to his role as an FBI informant who wore a wire to implicate former partners and associates. He ultimately served 22 months before being released in April 2008.

According to the original restitution agreement, Jordan was required to pay 50% of his gross income to the 1,513 victims. Between 2007 and 2009, he disbursed $700,000 towards this restitution. However, in 2010, he paid nothing.

In 2011, Jordan sold film rights to his memoirs to Red Granite Pictures for $1.045 million, receiving an upfront payment of $940,500 and an additional $250,000 expected in 2012. Assuming adherence to his restitution terms, he was to pay his victims around $500,000 in 2011, but he only contributed $21,000 that year. In 2012, the US government requested that Red Granite pay $125,000 directly to them, which was half of his $250,000 payment; his total for 2012 thus amounted to $158,000.

In a 2013 agreement, the United States government modified his restitution plan to require a minimum of $10,000 per month for life, instead of the previous 50% of gross earnings.

As of now, Jordan has paid back approximately $13-14 million towards his restitution, with the bulk of this ($11 million) coming from property sales he forfeited at sentencing. Consequently, he still owes his victims roughly $100 million.

In 2018, prosecutors brought Jordan back to court regarding nearly $9 million he earned from speaking engagements between 2013 and 2015, as he allegedly did not allocate any of these funds toward restitution.

Nickname “Wolf of Wall Street” Origin

The film from 203 is loosely adapted from Jordan’s memoir published in 2007, which shares the same title, “The Wolf of Wall Street.” Given the similarities between the titles of both the book and the film, along with frequent references to Jordan using this moniker in interviews and articles, one might mistakenly think that he was often referred to as “the wolf of Wall Street” during his finance career. That assumption is entirely FALSE. In reality, Jordan Belfort was never called “the Wolf of Wall Street” during the height of his financial activities.

So, what is the source of this nickname? While writing his memoir from jail, Jordan actually bestowed this nickname upon himself. It has been claimed that his cellmate, Tommy Chong, famous for his role in Cheech and Chong, was the one who inspired him to document his life in a memoir.

In the film, financed with money stolen by fugitive Jho Low from the Malaysian government, the title “wolf of Wall Street” is depicted as having been given to him by a Forbes writer in a cover story from 1991. This is incorrect. The actual Forbes article was named, “Steaks, Stocks – What’s the Difference?,” highlighting that before becoming a stock broker, Belfort sold steaks and seafood door-to-door in Long Island. Later in the article, Jordan was described as a “twisted Robin Hood who takes from the rich and gives to himself and his merry band of brokers.” The article further characterized his business tactics as “pushing dicey stocks on gullible investors.” At no instance was he labeled a “wolf.”

Background

Born on July 9, 1962, in The Bronx, New York, Jordan Ross Belfort grew up in Bayside, Queens, within a Jewish family. During the summer before starting college, he and a close friend earned $20,000 by selling Italian ice from coolers at the beach. Jordan graduated from American University with a biology degree and later enrolled in the University of Maryland School of Dentistry. He left after

It was on the first day of classes that a faculty member remarked that becoming a dentist would not lead to wealth.

Career

On Long Island, New York, Belfort initiated a door-to-door business selling meat and seafood. This venture expanded from a single-person operation to a company that hired multiple employees and sold 5,000 pounds of beef and fish weekly. At the age of 25, he declared bankruptcy and became a stockbroker trainee at L.F. Rothschild. Allegedly, Belfort’s initial boss shared that the secrets to success were masturbation, cocaine, and hookers. Following the 1987 Black Monday stock market crash, he faced layoffs at this firm. Despite this challenge, Belfort was captivated by the prospect of earning the high salaries that senior stockbrokers enjoyed. Throughout the late 1980s, he gained experience at several financial firms, absorbing knowledge and refining his sales approach. Ultimately, he established his own firm in 1989.

In the early 1990s, Belfort created Stratton Oakmont, a firm specializing in marketing penny stocks in a boiler room environment. He utilized a pump-and-dump scheme to defraud investors. At the peak of Stratton Oakmont’s achievements, he had over 1,000 stockbrokers and managed more than $1 billion. However, the National Association of Securities Dealers began to investigate Belfort and Stratton Oakmont’s activities closely. In December 1996, the association expelled Stratton Oakmont from its membership, leading to the firm’s closure.

Reports suggest that Belfort laundered money into Swiss banks with the assistance of his mother-in-law and his wife’s aunt, who smuggled the funds into Switzerland. While operating Stratton Oakmont, he is also said to have hosted parties that featured midget-tossing contests.

Motivational Speaking Career

After his release from prison, Belfort transformed himself into a motivational speaker by founding Global Motivation, Inc. He spends roughly three weeks each month traveling and giving speeches about the significance of ethics in business and learning from past errors. For instance, during the 1990s, he rationalized his disregard for financial regulations by believing many others were doing the same. Engaging Belfort for a speaking engagement can cost between $30,000 to $75,000, while a sales seminar can start at $80,000. His speeches have received mixed reviews, with many commentators expressing discontent regarding his anecdotes about violating financial regulations in the 1990s.

Writing Career

Belfort authored the memoirs “The Wolf of Wall Street” and “Catching the Wolf of Wall Street,” which have been published in around 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, directed by Martin Scorsese. Additionally, he released “Way of the Wolf: Become a Master Closer with Straight Line Selling” in 2017.

Personal Life

During his tenure at Stratton, Belfort indulged in an extravagant lifestyle.and regularly hosted parties. Additionally, he often used recreational drugs, notably methaqualone or quaaludes. In an interview, his previous head of security, Bo Dietl, remarked that during his tenure, he never witnessed Belfort being sober and disclosed that Belfort had deep connections with the Mob.

Jordan Belfort divorced his first wife, Denise Lombardo, while managing Stratton Oakmont. Their marriage lasted from 1985 to 1991. In 1991, he wed British model Nadine Caridi, with whom he met at a party. Together, they had two children — Chandler and Carter. Following allegations of domestic violence (which were likely fueled by drugs), they separated, ultimately divorcing in 2005. In 2008, Belfort tied the knot with Anne Koppe, but the marriage ended in divorce in 2020. In 2021, he began a relationship with Cristina Invernizzi.

In prison, Tommy Chong was his cellmate and encouraged him to write “The Wolf of Wall Street.”

Belfort acquired the luxurious yacht Nadine, originally built in 1961 for the renowned designer Coco Chanel, and renamed it after his second wife. In June 1996, the vessel sank off the coast of Sardinia, but all passengers were rescued by the Special Forces of the Italian Navy. Belfort later confessed that he had insisted on sailing the yacht in high winds, disregarding the captain’s advice.

Long Island Mansion

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