'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

CAIS embeds Claude AI into advisor workflows for alternatives intelligence
CAIS embeds Claude AI into advisor workflows for alternatives intelligence

The alts tech provider's latest integration lets advisors query fund data and surface portfolio insights without leaving their primary workspace.

FINRA puts structured product supervision under the microscope
FINRA puts structured product supervision under the microscope

The regulator is scrutinizing how some firms oversee concentrated positions in complex "worst-of" notes – and wants answers.

RIA moves: Beacon Pointe tops $4B in New England with latest female-founded partner firm
RIA moves: Beacon Pointe tops $4B in New England with latest female-founded partner firm

Meanwhile, Carson Group fully integrates a decades-old practice in Phoenix, Arizona, and Triad Wealth touts its 5x growth to hit a $2 billion milestone.

Gen Z is cutting spending but retirement savings are still constrained by living costs: BofA
Gen Z is cutting spending but retirement savings are still constrained by living costs: BofA

Matt Gellene shares the bank’s latest research on how young adults are managing their finances.

For most advisors, AI goes from threat to competitive necessity
For most advisors, AI goes from threat to competitive necessity

Survey data reveal a widening divide between early AI adopters and those still on the sidelines – with career stage and AUM emerging as key fault lines.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline