Date
24 September 2017
Jordan Belfort spent 22 months in jail after he was convicted of money laundering and securities fraud in the 1990s. Photo: Reuters
Jordan Belfort spent 22 months in jail after he was convicted of money laundering and securities fraud in the 1990s. Photo: Reuters

Wolf of Wall Street Belfort eyes US$100 mln haul

Jordan Belfort, whose memoir “The Wolf of Wall Street” was made into a Hollywood blockbuster movie starring Leonardo di Caprio, aims to earn more than US$100 million this year and use the money to repay victims of his securities fraud, Bloomberg News reports.

“I’ll make this year more than I ever made in my best year as a broker,” Belfort told a conference in Dubai on Monday. “My goal is to make north of US$100 million so I am paying back everyone this year.”

Now a motivational speaker, the former high-flying stockbroker promises to use his earnings from a 45-city speaking tour across the United States to pay about US$50 million to investors, the report said.

Belfort spent 22 months in jail after he was convicted of money laundering and securities fraud in the 1990s.  His Long Island-based Stratton Oakmont Inc., which defrauded investors of more than US$200 million, was closed in 1998, and he was sentenced to four years behind bars in 2003, Bloomberg said. According to the court decision, half of his income must go to a US$110.4 million compensation fund for his victims.

Belfort admits he fleeced investors, but insists that 95 percent his trading activities were legal, the report said. “It was all brokerage firm issues. It was all legitimate, nothing to do with liquidating stocks,” he was quoted as saying.

His story inspired the making of the 2013 film by Martin Scorcese.

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