'Wolf of Wall Street' Jordan Belfort to surrender more profits to victims, judge rules
Jordan Belfort, a former penny-stock broker and self-proclaimed "scammer" who was portrayed in the movie "The Wolf of Wall Street," is being ordered to hand over more money to the investors he tricked.
Belfort pleaded guilty in 1999 to manipulating investors into buying stocks that eventually turned out to be worthless. The judge sentenced him to 42 months in prison and ordered him to pay $110 million back to those investors. As of November 30, Belfort had only repaid a fraction of that amount — $12.8 million, according to court documents.
As part of the restitution, the government had filed an application to garnish 100 percent of Belfort's equity interest in a private company called Delos Living.
Belfort, depicted by Leonardo DiCaprio in the Martin Scorsese-directed film, objected, claiming that the government could only take 25 percent of his interest in that company, citing the the Consumer Credit Protection Act.
U.S. District Judge Ann Donnelly denied Belfort's objection and issued an order granting the government permission to take 100 percent of his stake in Delos, a wellness real estate and technology company.
https://www.msn.com/en-us/money/companies/wolf-of-wall-street-jordan-belfort-to-surrender-more-profits-to-victims-judge-rules/ar-BBQtMCf?li=BBnb7Kz