Who Is The Real Wolf of Wall Street?
With the new movie starring Leonardo DiCaprio hitting theaters November 15, 2013 on the way. It is no surprise this movie has been buzzing through the media frantically. I know we have heard of “The Wolf of Wall Street” before, but… Who is the real character behind it?
At Wall Street College we are here to remind you, and teach you about Wall Street. “The Wolf of Wall Street” was the nickname given to Jordan Belfort, Founder and CEO of a brokerage firm in New York called “Stratton Oakmont”, which quickly became well known amongst Wall Street for its infamous profits.
Belfort was an extravagant millionaire who made most of his money by being a crook, his strategies consisted of a typical “Pump and Dump” scheme, generating millions for him and his employees. Belfort was known for hiring fresh brokers with a hunger for money, their job assignments where to cold call wealthy prospects and sell them “penny stocks” or highly volatile stocks who where not listed in any major Indexes such as the DOW, or NASDAQ.
Read: What is a Stock
The scheme consisted on buying a large position in the “penny stock”, then after driving the stock up with the money collected from the investors, he sold ALL of it, creating the stock to collapse. Huge percentage gains where collected by his firm running this type of scheme, sometimes even 1,000’s %. The only people not happy about this where all the people who got ripped off because of it.
The movie “Boiler Room” (2000) was inspired by Belfort’s lifestyle.
Jordan Belfort was also known for having an exuberant and insane lifestyle. Belfort was know for throwing the most ridiculous parities in New York, usually filled with hookers and lots of drugs. At the height of his drug problems, Belfort was consuming 22 different types of drugs a day!
Finally he was arrested and sentenced to jail where he got the inspiration to write his bestseller book “The Wolf of Wall Street” where he recounts his crazy stories while being at the top. In his book Belfort provides in depth detail of his extravagant lifestyle and how he got there.
At the end his story caught motion pictures attention, and now is being turned into a movie starred by Leonardo DiCaprio.
Quotes from Jordan Belfort:
“The only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can’t achieve it.” – Jordan Belfort
“Successful people are 100% convinced that they are masters of their own destiny , they’re not creatures of circumstance, they create circumstance, if the circumstances around them suck they change them.” – Jordan Belfort
“Winners use words that say ‘must’ and ‘will’.” – Jordan Belfort
You can watch the trailer here:[media url=”http://www.youtube.com/watch?v=iszwuX1AK6A” width=”600″ height=”400″]
Read Also: Warren Buffet’s Oil Man Joke