Book: The Wolf of Wall Street

"The Wolf of Wall Street" is a narrative by Jordan Belfort, released in 2007. The book narrates Belfort's experiences as a stockbroker on Wall Street, concentrating on his fluctuate in the middle of the excesses and corruption of the 1990s securities market. Belfort, who established the brokerage company Stratton Oakmont, was founded guilty of securities fraud and cash laundering in 1999 and spent 22 months in prison as an outcome. His story has considering that been adapted into a 2013 movie directed by Martin Scorsese and starring Leonardo DiCaprio.

Early Life and Founding of Stratton Oakmont
Born in Queens, New York, Belfort initially pursued a career in dentistry before dropping out of dental school after understanding that it would not make him rich. Following a series of tasks, he went into the stock exchange as a trainee at L.F. Rothschild. Nevertheless, after the stock exchange crash of 1987, he was laid off and eventually joined a company offering cent stocks out of Long Island, where he refined his skills in aggressive sales methods.

In 1989, Belfort and his good friend Danny Porush established their own investment firm, Stratton Oakmont, which quickly gained a track record for pitching questionable cent stocks through high-pressure sales tactics. The brokerage home utilized young, ambitious brokers who accepted Belfort's dishonest methods in pursuit of wealth.

Excess and Corruption
Belfort's memoir is an honest account of the hedonistic way of life that identified Wall Street in the 1990s. He and his coworkers made astronomical amounts of cash, which they invested in elegant celebrations, high-end cars and trucks, estates, and drugs. Belfort became addicted to drug, Quaaludes, and other compounds, while participating in various extramarital affairs.

The book also information the corrupt practices that enabled Belfort and Stratton Oakmont to control stock prices for their own profit. Through a procedure called "pump and dump", the company would artificially inflate the costs of stocks they owned, encourage their customers to buy those stocks at inflated costs, and then offer their own shares at an earnings prior to the rates plummeted. This practice was prohibited and ultimately resulted in the failure of both Belfort and Stratton Oakmont.

Downfall and Conviction
Regulative bodies, especially the Securities and Exchange Commission (SEC), grew increasingly suspicious of Stratton Oakmont's activities, and in 1994, the firm was momentarily closed down. However, Belfort quickly found a way around the regulators and resumed his deceitful activities.

Ultimately, in 1998, Belfort and Porush were apprehended on various charges, consisting of securities scams and cash laundering. Belfort pled guilty in 1999 and consented to comply with the federal government in return for a lowered sentence. He testified against numerous of his previous associates and was sentenced to four years in prison, of which he served 22 months.

Aftermath and Redemption
During his time in prison, Belfort began writing his narrative. Considering that his release, he has rebuilt his life and launched an effective career as an inspirational speaker, mentor sales abilities and ethics to company people all over the world.

In "The Wolf of Wall Street", Belfort does not avoid his past mistakes and regrets. His raw and unapologetic storytelling design, integrated with the exhilarating and sobering tales of his experiences, uses a direct look at the dark side of Wall Street during its prime time.

While Belfort's story is among personal greed and excess, it likewise offers valuable insights into the more comprehensive culture of corruption and absence of accountability that penetrated the securities market throughout that duration. As a cautionary tale, "The Wolf of Wall Street" advises us of the risks of unchecked ambition and the value of ethical conduct on the planet of finance.
The Wolf of Wall Street

The memoir of Jordan Belfort, depicting his life as a stockbroker who later gets imprisoned for securities fraud, stock market manipulation, and running a boiler room. This book primarily details the rise and fall of Belfort's brokerage firm, Stratton Oakmont.

Author: Jordan Belfort

Jordan Belfort Jordan Belfort, the Wolf of Wall Street, born in 1962 in NY. Discover his rise & fall in finance, famous quotes & new career as a speaker.
More about Jordan Belfort