Jordan Belfort Net Worth (Money & Salary)

What is Jordan Belfort’s Net Worth

With an estimated net worth of negative $100 million, Jordan Belfort is an American ex-stockbroker, convicted felon, and author. Often dubbed “the wolf of Wall Street,” it’s worth noting that this nickname was self-assigned while he was penning his memoir from prison; it was never used by anyone on Wall Street during his tenure in finance.

From 1989 to 1996, Jordan operated the financial firm Stratton Oakmont, which executed pump-and-dump schemes that defrauded innocent victims out of hundreds of millions of dollars. In 1999, both Belfort and his co-founder, Danny Porush, faced indictments for securities fraud and money laundering, to which they pled guilty. Their sentences were lightened in exchange for their cooperation with authorities.

Jordan’s life was somewhat inaccurately depicted in the 2013 film “The Wolf of Wall Street,” featuring Leonardo DiCaprio and directed by Martin Scorsese. Some may contend that the filmmakers ethically mishandled the story by glorifying Jordan Belfort, failing to adequately represent the devastating impact his and Stratton Oakmont’s actions had on actual victims. Many of those harmed were modest individuals who could not afford the financial losses they incurred. To make matters worse, Belfort made a cameo appearance toward the film’s conclusion, enhancing his notoriety and facilitating his emergence as a motivational speaker. Conversely, the 2000 film “Boiler Room,” which was also loosely inspired by Belfort and his firm, more effectively portrayed the repercussions of financial pump-and-dump frauds on victims.

Restitution

Throughout Jordan’s fraudulent era, he embezzled approximately $200 million from 1,513 victims. During his 2003 sentencing, he was mandated to repay $110 million in restitution and was sentenced to four years in prison—a sentence that was lessened after he cooperated as an FBI informant, recording conversations to incriminate former associates. He ultimately served 22 months, being released in April 2008.

Initially, Jordan was required to pay 50% of his gross income to his victims. From 2007 to 2009, his restitution payments totaled $700,000, while 2010 saw no contributions.

In 2011, Jordan sold the film rights to his memoirs for $1.045 million to Red Granite Pictures. He received an upfront payment of $940,500, with an additional $250,000 expected in 2012. Under the restitution terms, he was obliged to pay around $500,000 to his victims that same year; however, he only contributed $21,000. In 2012, Red Granite was compelled by the U.S. government to pay $125,000 directly to them, which constituted half of Jordan’s $250,000 payment. His total payment in 2012 amounted to $158,000.

In 2013, the U.S. government modified his restitution arrangements from 50% of gross earnings to a minimum of $10,000 monthly for life.

As of now, Jordan has repaid approximately $13-14 million in restitution. Most of this, around $11 million, came from the sale of assets surrendered at sentencing, leaving him still responsible for about $100 million to his victims.

In 2018, Jordan found himself back in court as prosecutors pursued about $9 million he accrued in speaking fees from 2013 to 2015, claiming that he hadn’t directed any of those earnings toward his restitution obligations.

The Nickname “Wolf of Wall Street” Origin

The film released in 203 is loosely inspired by Jordan’s memoir from 2007, which shares the same title, “The Wolf of Wall Street.” Given that the book and movie share names and that Jordan is frequently addressed with this nickname in various media, one could infer that Jordan was regularly called “the wolf of Wall Street” throughout his finance career. This assumption is utterly FALSE. In fact, Jordan Belfort was never known as “the Wolf of Wall Street” during the time of his financial exploits.

So, from where did this nickname derive? Jordan actually created this nickname himself while penning his memoir from prison. It has been suggested that his cellmate, notable figure Tommy Chong of Cheech and Chong fame, encouraged him to write a book.

In the cinematic adaptation, the “wolf of Wall Street” nickname is depicted as if a writer from Forbes assigned it to him in a cover story from 1991. This portrayal is incorrect. The original Forbes article was named, “Steaks, Stocks – What’s the Difference?,” referring to Jordan’s past selling steaks and seafood door-to-door on Long Island prior to becoming a stock broker. Subsequently, the article characterized Jordan as a “twisted Robin Hood who takes from the rich and gives to himself and his merry band of brokers.” Moreover, it illustrated his business approach as “pushing dicey stocks on gullible investors.” At any time in the article, he was not labeled as a “wolf.”

Background and Early Years

Born on July 9, 1962, in The Bronx, New York, Jordan Ross Belfort was brought up in a Jewish household in Bayside, Queens. During the summer between high school and college, he and a close friend earned $20,000 by selling Italian ice from coolers at beach locations. Jordan graduated from American University with a biology degree and subsequently enrolled in dental school at the University of Maryland. He left the program after

It was on the first day of classes that a faculty member remarked that pursuing a career as a dentist wouldn’t lead to wealth.

Career

On Long Island, New York, Belfort peddled meat and seafood door-to-door. His initial solo venture evolved into a business that employed multiple individuals and sold 5,000 pounds of fish and meat weekly. At the age of 25, he filed for bankruptcy and began working as a stockbroker trainee at L.F. Rothschild. Allegedly, the advice from his first boss suggested that success came from masturbation, cocaine, and hookers. Following the 1987 Black Monday stock market crash, he was laid off from that firm. Nevertheless, the allure of earning the substantial income enjoyed by senior stockbrokers captivated Belfort. Throughout the late 1980s, he gained experience at various financial firms, absorbing as much knowledge as he could. He honed his sales technique and chose to establish his firm in 1989.

In the early 1990s, Belfort launched Stratton Oakmont. This firm specialized in marketing penny stocks within a boiler room environment. Utilizing a pump-and-dump scheme, Belfort deceived his investors. At the peak of Stratton Oakmont’s success, he employed more than 1,000 stockbrokers and managed over $1 billion in assets. However, the National Association of Securities Dealers took notice of both Belfort and Stratton Oakmont, closely examining the firm’s transactions. Eventually, in December 1996, Stratton Oakmont was expelled from the association, leading to the firm’s closure.

Reports indicate that Belfort laundered his earnings into Swiss banks, with assistance from his mother-in-law and his wife’s aunt, who helped facilitate the money’s covert relocation to Switzerland. While operating Stratton Oakmont, he allegedly hosted extravagant parties that featured contests involving midget tossing.

Motivational Speaking Career

After serving his prison sentence, Belfort transformed into a motivational speaker and founded a business called Global Motivation, Inc. He spends roughly three weeks each month traveling, presenting talks on the significance of ethics in business and the value of learning from past mistakes. For instance, in the 1990s, he believed that bypassing financial regulations was acceptable solely because many others did so. Engaging Belfort for a speaking engagement will set you back between $30,000 and $75,000. Booking a sales seminar with him has a starting price of $80,000. However, his speeches have not received stellar reviews, with many critics reacting unfavorably to his anecdotes about disregarding financial regulations in the 1990s.

Writing Career

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

Personal Life

Throughout his tenure at Stratton, Belfort indulged in a lifestyle characterized by extravagance.

and frequently hosted parties. He also engaged in the use of recreational drugs, particularly methaqualone or quaaludes. Bo Dietl, his former head of security, mentioned in an interview that he had never witnessed Belfort being sober during his employment with him and disclosed Belfort’s significant connections to the Mob.

During Belfort’s time managing Stratton Oakmont, he divorced his first wife, Denise Lombardo. Their marriage lasted from 1985 to 1991. In 1991, he married model Nadine Caridi, who was born in Britain; they met at a party. Together, they had two children — Chandler and Carter. They separated after she accused him of domestic violence (which was likely fueled by drugs) and finalized their divorce in 2005. In 2008, Belfort wed Anne Koppe, but they divorced in 2020. By 2021, he was dating Cristina Invernizzi.

His prison cellmate, Tommy Chong, was the individual who motivated Belfort to author “The Wolf of Wall Street.”

Belfort acquired the luxury yacht named Nadine, originally built in 1961 for renowned designer Coco Chanel. He renamed the vessel in honor of his second wife. The yacht sank near Sardinia in June 1996, but all passengers were rescued by the Italian Navy’s Special Forces. Later, Belfort acknowledged that he had insisted on navigating the yacht in high 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 Brookeville, New York, for $5.775 million. In 2001, the federal government seized this property and subsequently sold it to compensate some of Belfort’s fraud victims. The house was sold in March 2001 for $2.53 million. It was listed on the market in 2015 for $4.75 million. By August 2018, the asking price was reduced to $2.89 million, and it eventually sold in October 2018 for $2.4 million.