'Wolf of Wall Street's' Belfort sees pay top $100M

'Wolf of Wall Street's' Belfort sees pay top $100M
Jordan Belfort, whose memoir “The Wolf of Wall Street” was turned into a film by Martin Scorsese, expects to earn more than he made as stockbroker this year, allowing him to repay the victims of his financial fraud, allowing him to repay the victims of his financial fraud.
OCT 17, 2014
“I'll make this year more than I ever made in my best year as a broker,” Mr. Belfort told a conference in Dubai on Monday. “My goal is to make north of a $100 million so I am paying back everyone this year.” Mr. Belfort, a motivational speaker, will use his earnings from a 45-city speaking tour in the U.S. to repay about $50 million to investors. That was his share of the fine, he said. Mr. Belfort spent 22 months in jail for money laundering and securities fraud in the 1990s after his brokerage firm, Stratton Oakmont Inc., defrauded investors out of more than $200 million. That story was retold last year in a blockbuster film starring Leonardo DiCaprio. “After six months of putting all the profit from the U.S. tour into an escrow account, it will go directly back to investors,” Mr. Belfort said. “Once everyone is paid back, believe me, I will feel a lot better.” The Securities and Exchange Commission shut down his firm in 1998 and in 2003, Belfort was convicted and sentenced to four years in jail. He now works as a motivational speaker to repay $110.4 million to a victim-compensation fund, which the government said must receive half of his income. “I got greedy,” Mr. Belfort said Monday. “Greed is not good. Ambition is good, passion is good. Passion prospers. My goal is to give more than I get — that's a sustainable form of success.”

Latest News

NASAA moves to let state RIAs use client testimonials, aligning with SEC rule
NASAA moves to let state RIAs use client testimonials, aligning with SEC rule

A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.

Could 401(k) plan participants gain from guided personalization?
Could 401(k) plan participants gain from guided personalization?

Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.