Jordan Belfort, “The PERPETUAL wolf of the wall street” who rose to fame from his memoir the wolf of wall street. A life from the debris of a middle class family of Long Island to the life of fame and money. Jordan has gone through everything to become a million dollar stock broker in the Wall street. His book and the adapted film starring Leonardo DI Caprio has stirred controversy. Jordan was sentenced for 22 months because he was appealed guilty for frauds and practicing cheap , fake tactics to sell stocks to consumers via phones.
But amidst all his frauds and fames, he squander his life much on debauchery. In fact in an interview he has admitted his life of sex, drugs and alcohols were much worse than the film projected his debauchery.
It was never an easy trodden path for Belfort. When he and his friend gained 20,000$ by selling Italian Ice, he stacked all the claimed money for enrolling in a grad school of dentistry.He thought its the easy way to earn money by being a dentist but he dropped the idea the very next day when the director of the dentist school claimed that there’s not golden era for dentistry.
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He started living as a con man, started selling stocks by telling hordes of lies. And thus founded the origin of his ilegal firm Stratton Oakmont, Inc. He went on selling the stocks to investors with such aggressiveness of lies and sham assurances that the company went on gaining millions and millions dollars. The company’s tyranny of bluffs was so much out of control that in 1992 The Securities Exchange Commission was compelled to stop the company’s legacy and thus he was initially termed for four years of imprisonment but ended to complete the sentence for 22 months.
A Jewish decent, his parents were accountants and it was his mother’s stern will to make his study in medical school and thus theenrollment in the dental school. It was late in the year of 1987, Belfort hailing from Queens, fresh, young and full of entrepreneurial zest, hegot hired in one of the boiler rooms to lure potential During his endeavour Belfort met a person, Mark Hanna , investor by profession , he told him to be a successful and to reach the hallway to fame, one needs to be really fastened up to the the life of debauchery-sex and drugs as well as persuading the investors to reinvest their earned gains so that all the time they reinvest Belfort will get an addedcommission. Thus the love for the vintage quaalude.Thus the love for the vintage quaalude. Yes, the man was a fan of quaalude rather than coccaine.With the random sex with staffs or with anyone added to the snorting routine, Jordan Belfort had a amicable and charming prsonality for a salesman. Hence the skills he learnt as in a bolier room, he invested his talents and the money tp start offthe trading company Stratton Oakmont.
The Crook’s trick
He met Danny Porush, through a lady who happen to be Danny’swife. Jordan would alwyas travel by bus during he initial years and he used to give up the seat for the lady. Shelater introduced Danny to Jordan when she realised they shared the same aprtment. So thus when he teamed up with Danny, Jordan scrape up money using a “load and unload” strategey. He managed to work up his brokers to shove the stocks upon naive and vulnerable clients who didn’t suspect a penny, thus rising up the price of stock leading to inflation. After all this, the company would target to trade its all assets in these inflated stocks at a much higher price.
The legal accusations
But any fame won’t continue if it is associated with unsolicited and illegal traits of success. Thus when in 1992 with the U.S. Securities and Exchange Commission wanted to finish the stardom of Stratton Oakmont, that stardom where it is full of Shaddy and sham, legally proved about the company’s sham and fraud tactics and the maneuver stock prices. Following two years, Belfort and his co-partners were banned from stocking business and a private reimbursement of 110$ million remuneration as well as getting sentenced for approximately two years.