Hey guys, today I’ll talk about Jordan Belfort, also known as The wolf of wall street. From his childhood to now. Jordan was a good salesman from childhood. He started selling shaved ice at the age of 16.
Then he had a meat business but that didn’t go well.
After that Jordan started working for a brokerage firm called L.F. Rothschild as an intern. There he gained interest in the securities industry. Then on 19th October 1987, the stock market collapsed also known as Black Monday. Meanwhile, Jordan lost his job for black Monday.
In 1989 Jordan started his own brokerage firm Stratton Oakmont. Jordan used to manipulate those penny stocks(Small companies with high failure rate) which used to trade over the counter. Jordan would buy those stocks at a low price. Then he would write a script about the stocks using his sales skill and give it to his salesmen then they would convince the investors to buy those penny stocks. When investors buy those stocks the price would increase and then he would sell his shares and make a profit.
Then he would stop promoting those penny stocks, so the price goes down again and the investors would face huge losses. While he and his partners used to live a luxurious life with that money and as usual he started doing drugs.
Jordan had a strong sales team. He used to hire passionate salesmen. He would give them high bonuses and arrange parties for them to keep them happy.
But all empires come to an end, no exception this time.
He arrested for money laundering and security fraud and sentenced to 4 years in prison and also got a fine of 110 million dollars. Stratton Oakmont was closed and Jordan got life banned from the securities industry. To decrease his punishment Jordan revealed all his partners’ names, so his punishment decreased to 22 months.
Jordan met comedian Tommy Chong. After listening to Jordan’s story Tommy Chong advised him to write a book on his life experiences. After getting out of jail he wrote the book “The wolf of wall street” which got hit. A movie starring Leonardo DiCaprio was released based on his book in 2013. Jordan earned lots of money from his books and the movie.
Now he has a company which teaches people about sales. He also speaks as a motivational speaker. Jordan gives all credit to Tommy Chong for his new career.
But, The victims of Jordan’s fraud never got their money back.
So don’t forget to share what you guys think about him. This is it for today see you guys in the next one. Till then stay safe. Peace.