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.
- Jordan Belfort, who ran a now-defunct Long Island brokerage and pleaded guilty to stock manipulation, is being ordered by a U.S. district judge to hand over his entire equity interest in a private company.
- As part of the government’s $110 million restitution order against Belfort, of which the judge said he has only paid a 'fraction,' the government is garnishing 100 percent of his equity interest in wellness company Delos Living.
- The Brooklyn judge denied Belfort's objection that under the Consumer Credit Protection Act that the government could only garnish 25 percent.
- Belfort was portrayed in the movie 'The Wolf of Wall Street.'
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.
'A review of the statute's purpose and the relevant case law leads me to conclude that these interests are not what Congress had in mind when it enacted the CCPA,' Donnelly said in the court order.
Recovered emails and other items are then listed in a tree like structure from where preview of the email data is viewable easily.
Brooklyn-based Donnelly said Congress adopted the garnishment limitation to 'relieve countless honest debtors driven by economic desperation from plunging into bankruptcy in order to preserve their employment and insure a continued means of support for themselves and their families.'
'Nothing about the defendant's arrangement with Delos Living is consistent with that goal,' Donnelly said, adding that it would frustrate 'the primary and overarching goal' of the Mandatory Victims Restitution Act.
The U.S. Attorney's Office told CNBC it had no comment regarding the case, while Belfort's attorney did not immediately respond to a request for comment.
Belfort appeared in the CNBC original, ' Bitcoin: Boom or Bust,' to challenge the viability of the cryptocurrency.
'I was a scammer. I had it down to science, and it's exactly what's happening with bitcoin,' he told CNBC in the documentary, which aired in August. 'The whole thing is so stupid, these kids have gotten themselves so brainwashed.'
Margot Robbie talks 'awkward' sex scenes
Fox 411: Margot Robbie did not like filming sex scenes with Leonardo DiCaprio
Margot Robbie has revealed her embarrassment doing THAT raunchy 'Wolf of Wall Street' sex scene in front of a 30-male crew.
The stunning actress, 28, shot to fame after she played the seductive Naomi Lapaglia in the hit 2014 movie alongside Leonardo DiCaprio.
She became well-known for one particular scene where she is seen seducing Leo, who played her on-screen husband, Jordan Belfort.
Recalling filming in a new interview with Porter magazine, Margot revealed how she to hide her embarrassment at the sexy scene, as she was being watched by a crew of men.
Leo played Jordan, a stockbroker on Wall Street who's downfall came as a result of his firm engaging in corruption and fraud.
Margot's character Naomi, who uses her sexuality to exert control over her husband, is seen trying to seduce her husband in one very provocative scene that takes place in their baby's nursery and sees her touching herself and calling him 'Daddy.'
But Margot has now revealed how awkward she found the scene.
She explained to the magazine: 'It doesn't come across when you're watching the movie, but in reality we're in a tiny bedroom with 30 crew crammed in. All men.'
Margot Robbie and Leo DiCaprio at the UK premiere of 'The Wolf of Wall Street' in London. (Reuters) Wondershare licensed email and code.
She continued, 'For 17 hours I'm pretending to be touching myself. It's just a very weird thing and you have to bury the embarrassment and the absurdity, really deep, and fully commit.'
Margot has seen her career soar since doing the movie. Before the role, she was famous for being in the series 'Neighbours.'
She is now an Oscar-nominated actress who is known for 'I, Tonya,' as well as 'Suicide Squad' and 'Terminal.'
This story originally appeared in The Sun.
The Wolf Of Wall Street Movie Free Online
The producers of hit Hollywood film The Wolf of Wall Street have agreed to pay back $60m to the US government after allegations the film was funded with money stolen from a Malaysian state investment fund.
Last year, Red Granite Pictures was implicated in the scandal, in which $3.5bn (£2.5bn) from the government-run 1MDB fund is alleged to have found its way into the bank accounts of associates of Malaysian prime minister, Najib Razak, to be used for lavish expenses and investments across the world.
Red Granite was co-founded by Riza Aziz, Najib’s stepson. It was alleged to have used misappropriated 1MDB money to fund not only 2013’s Wolf of Wall Street, but also films Dumb and Dumber To, and Daddy’s Home.
The company denied the accusations but according to a California court filing on Wednesday has now agreed to pay the US government in three instalments: $30m within 30 days, $20m within the next 180 days, and the final $10m within 180 days after that.
The settlement stipulates that the payment should not be construed as “an admission of wrongdoing or liability on the part of Red Granite”.
“We are glad to finally put this matter behind us and look forward to refocusing all of our attention back on our film business,” Red Granite said in a statement on the filing.
Red Granite was a relative unknown before it stumped up $100m to help director Martin Scorsese make The Wolf of Wall Street. Three months after shooting began, Red Granite also gave the film’s star Leonardo DiCaprio a lavish birthday gift: the Oscar given to Marlon Brando for best actor in On the Waterfront, worth around $600,000. DiCaprio has since surrendered the statue as part of the 1MDB investigation.
The filing against Red Granite is part of a larger US action to try to reclaim assets worth $1.7bn allegedly bought with 1MDB money.
Much of the 1MDB spending spree on hotels, fine art and yachts was alleged to have been carried out by Jho Low, a friend of Aziz. Low denies all the allegations as does Najib, who instigated an investigation in Malaysia that found no evidence of wrongdoing and resulted in no one being charged.
Najib also alleges that the $681m of cash that ended up in his personal bank account was not from 1MDB but a gift from a Saudi prince.
While the Malaysian government has tried to draw a line under the 1MDB case, US prosecutors have continued to pursue it. Just this week, the super yacht Equanimity – allegedly belonging to Jho Low and bought with 1MDB funds – was seized in Indonesia and is now being handed over to the US department of justice.