Jordan Belfort By Kevin Mason
Background • Very good home life • Grew up in Bayside Queens • Only child to Leah and Max Belfort • Both Parents were accountants • Middle Class • Made $20,000 selling Italian Ice to save for Dentistry School • Received Degree in Biology from American University in Biology • Attended Baltimore School of Dentistry for 1 day (Dean said “if you are only in it for money, this is not for you” • Jewish
First offense • Only Offense • Indicted in 1998 for Securities Fraud and Money Laundering (pleaded Guilty) • Sentenced to 22 months and $110 Million in restitution (has only paid $11 Million) • Ran “Pump and Dump” scheme • Cellmates with Tommy Chong (from “Cheech and Chong”) • Should have been arrested many times for drugs, slipped through cracks • Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of securities laws. • Money Laundering, the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. • Restitution, Money to be paid to victims stemming from White Collar crime.
Pump and dump • Hired young willingly Stock brokers • Some had not graduated high school • Gave scripts for brokers to use • Drove stock prices up • Then would quickly cash out • EVERYONE became rich • Nicknamed “The Wolf of Wall Street,” or “Wolfie”
During pump and dump scheme • Insane drug addiction • 22 Different medications • Addicted to Quaaludes (extinct sleeping pill) • Cocaine • Crack • Morphine • Xanax • Valium • Prostitutes • Worth $200 million at one point • Flew Helicopter while high • Crashed 167 foot yacht
Quote Cool clip http://www.youtube.com/watch?v=5gp1envfxCo
Theory • The theory for Jordan Belfort is social control. Jordan wanted to be looked at by others as the best man on the Earth. He would do anything to make people think he was better than them. He was driven off what people thought of him. During Belfort’s wealthy era, he bought the most flashiest items. These include: Coco Channel’s Yacht, Lamborghinis, Ferraris, Helicopters, Speed boats, and houses. So when people saw the small boy from Queens, they would know that he bought all those items. • Deviance occurred with Belfort because drugs broke his social bond to normal norms of society. The drugs altered his normal well being. He would do anything for money. All his values were thrown out the window, for money, drugs, and power. The people around him accepted him because he was paying for everything. His social expectations changed as he grew deeper into the stock market. Since imprisonment Belfort’s social expectations reflect the norms of a functioning civilian.
Pop culture • Has written two memoirs • “The Wolf of Wall Street” • “Catching the Wolf of Wall Street” • Two movies have been based off his scheme • “Boiler Room”-2002 • “The Wolf of Wall Street”-2013 • Oscar Nominated • Lead by Leonardo Dicaprio and Jonah Hill • Directed by Martin Scorsese