The meaning of the movie "The Wolf of Wall Street". The True Story of the Wolf of Wall Street
The site's observer studied the biography of Jordan Belfort, who became famous for his cunning fraudulent schemes for making money, big expenses and risky entertainment. Belfort wrote two books about his life, which Martin Scorsese made into a film released in 2013.
The name Jordan Belfort is now known throughout the world, but not primarily because of his reputation or memorable nickname, but because of the film starring Leonardo DiCaprio. Of course, the film contains artistic exaggeration, but Hollywood scriptwriters were able to convey the spirit of the time and the personality of the entrepreneur himself. Jordan did not set out to change the world for the better, but he seemed to sincerely believe that he could make his life and the lives of his employees brighter and richer.
The Early Years of Jordan Belfort. First business and work as a broker
Jordan Belfort did not dream of becoming a broker all his life - he had to go quite a long way before that. He was born in 1962 in New York into a family of accountants. Not much is known about Belfort's childhood, but it appears he already demonstrated salesmanship. For example, it is known that from the age of 17 he sold ice cream on the beach in the summer, having previously purchased it at a piece price. He earned between $250 and $500 per day.
At the age of eighteen, Belfort started another small business - selling shell necklaces. His profit was $200 a day, and this is considering that he paid salaries to three employees - boys a little younger than himself. During the day, the total income from the two enterprises reached an impressive amount.
After high school, Jordan received a degree in biology from American University. He then entered the Baltimore College of Dental Surgery to become a dentist, but lasted only a day at the school. The fact is that the dean, during his welcoming speech to the students, noted that the best times of dentistry are over and now this profession rarely makes anyone rich, unless it guarantees a comfortable life. Belfort immediately lost motivation and dropped out of college.
At 23, Belfort decided to start his own business. Knowing his own abilities as a salesman, he began selling meat, moving from house to house. At first he worked for the company, and then, together with a friend, he started his own business selling meat and seafood. They expanded the target audience from private clients to restaurants and other larger establishments.
The company did not achieve much success; in 1987, Jordan even thought about closing it. But then he learned that suppliers agreed to provide products on credit. Belfort decided to expand, leased 26 trucks, and also took out several loans. According to another version, he took out several loans at 24% per annum to purchase trucks.
After these operations, the company turned out to be deeply unprofitable, but Belfort was not worried: suppliers expected payments at the end of the month, and he received money from sales every day. Cleverly manipulating funds, Belfort simultaneously tried to pay less on bills. Sometimes he even directly told suppliers that they had better agree to part of the amount and an increase in credit, otherwise the money would not be returned.
This could not continue for long, and the company went bankrupt, and Belfort himself found himself deeply in debt. He was constantly receiving threatening calls from creditors - from American Express to the telephone company.
Another person in a similar situation might have lost his temper, but Belfort began to look for a way out. He decided to become a broker. Wall Street looked like a money place, and Jordan was a great salesman. Under the patronage of a family friend, he went for an interview with the Rothschild L.F. company, which had been operating on the market since 1899. The company has nothing to do with the Rothschild clan; the founder was simply their namesake.
Besides Belfort, there were more than 20 candidates at the interview, so he had to figure out how to impress. Stephen Schwartz, who interviewed Jordan, was startled by the candidate who tried to sell him shares. No other applicant dared to undertake such audacity, so Belfort made the right impression and got the job as a dialer. This maneuver largely predetermined Belford’s further advancement in the company: he was noticed from the very beginning of his work.
Belfort’s first day of work was perfectly described by himself in his autobiography and reproduced by the director in the film. The boss, whose last name was Scott, explained in a contemptuous manner to the new employee his duties - calling potential clients and passing the phone to the boss. Then Belfort met Mark Hannah, who gave him advice on improving performance and relaxation - drugs, the services of prostitutes and self-satisfaction. By the way, Hannah would later work for Belfort's company Stratton-Oakmont.
Despite the initial shock of what working on Wall Street was like in reality, from the obscene language to the lifestyle, Jordan quickly became involved in this life and within six months received his brokerage license.
His first day as a broker was October 19, 1987, known as Black Monday, when the Dow Jones Industrial Average fell a record 22.6%. The event affected Belfort, and he had to change several companies. According to Forbes, among them were D. H. Blair and F. D. Roberts Securities.
The latest was Investors Center, a relatively small company with less than a thousand employees that traded in “junk stocks.” Their cost was no more than $5 (in some sources less than $1), but brokers received up to 50% of the commission.
Belfort, despite initial skepticism, quickly joined the team and began earning $70 thousand a week. Didn't manage to work here for long: Investors Center in 1989 by decision of the Securities and Exchange Commission.
One of Belfort's first calls with the company, so vividly depicted in Scorsese's film, was somewhat curious. Jordan tried to sell half a million dollars worth of stock to a hatter making $30,000 a year. But this client did not leave him either: Belfort convinced him to purchase shares for an amount affordable to him.
Creation of Stratton-Oakmont. Sales approach and earnings strategy
The closing of the Investors Center was the start of Belford's own business. In 1989, they founded Stratton-Oakmont with Danny Porush and Kenneth Green. The name was franchised from Stratton-Securities, which had been in business for about 10 years but was strictly institutional. The choice was due to the relatively small size of the company and untarnished reputation.
Initially, Belfort received 70% of the created company, and Green - 30%. Porush became a shareholder a few years later and got about 20%. Stratton's office was located on Long Island for most of its existence.
It is worth dwelling on how Belfort initially selected his staff. He knew how to impress people, and his first employees and companions were associated with the entrepreneur’s past endeavors. For example, Green worked as a driver for the Belfort Meat Company and later for the Investors Center. Porush was Jordan's intern and lived next door to him. Another of Belfort's first partners was Andrew Green, who had nothing to do with Kenneth. Unlike the others, he was a certified lawyer and Jordan's childhood friend. Green headed the finance department.
Six bedrooms, five bathrooms, a spa, a solarium, a sauna and bulletproof glass, a garage-workshop, a 230-meter roof terrace and a small garden - in such a “modest” house in Manhattan lives the prototype of one of the “not so lucky” minor characters in Hollywood film "The Wolf of Wall Street" - Alan Wilzig. It was in his real life that the main character of this black comedy - former New York broker Jordan Belfort - beat off the girl. See how the real hero of the film “The Wolf of Wall Street” lives.
20 PHOTOS
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1. The 700-meter house, which is located on Hubert Street in Manhattan in New York, is “squeezed” between two high-rise buildings. The owner of the house, Alan Wilzig, put it up for sale for a considerable amount - $43.5 million. (Photo: zillow.com). 
2. The house looks amazing at night. The colorful lighting creates the impression that this is not a two-story residential building, but a nightclub. Even the garage lights up. (Photo: zillow.com). 
3. A bright, spacious living room, with an aquarium, which immediately catches the eye with its neon colors, and of course, a motorcycle is the passion of the home owner. (Photo: zillow.com). 
4. This is a garage, which also has a place intended for video games and a small workplace - a table with a computer. (Photo: zillow.com). 
5. This is what the garage looks like when there is a car in it. (Photo: zillow.com). 
6. And here is Alan Wilzig - the owner of the apartment. (Photo: zillow.com). 
7. This is the master bedroom with a large double bed and a modest interior. (Photo: zillow.com). 
8. This is the kitchen. To the left of the photo you will see a special wall on which you can take notes or take notes. The end of the era of sticky cards on the refrigerator. (Photo: zillow.com). 
9. This is a very spacious dressing room that any lady would envy. (Photo: zillow.com). 
10. These are two interconnected guest rooms. (Photo: zillow.com). 
11. The corridor with the stairs that leads to the second floor, like the entire house, can be illuminated in a variety of colors. (Photo: zillow.com). 
12. 230-meter terrace on the roof of the house with a dining table for 10 people. (Photo: zillow.com). 
13. Near the house in a small garden there is a SPA designed for 8 people. (Photo: zillow.com). 
14. This is a living room with a fireplace, in which, like most rooms in this house, the walls are painted white. (Photo: zillow.com). 
15. This is one of several bathrooms in the house. (Photo: zillow.com). 
16. On the first floor of the house there is a media room where you can watch movies, TV shows or play video games on the big screen. (Photo: zillow.com).
15:25 20.03.2014
He reached incredible financial heights, earning more than $500 million a year. And for his services he received the nickname “The Wolf of Wall Street” in professional circles. He is Jordan Belfort, who founded one of the most dynamic and successful brokerage firms in Wall Street history.
Jordan Belfort grew up on Long Island, New York, in a Jewish family of accountants and had a good upbringing. Before opening a brokerage firm, he sold popsicles to beach regulars at incredibly inflated prices. Soon after, he went to college at American University and then attended dental school for only one day, deciding that this path would not lead to his prosperity.
Instead, he started a business selling meat and seafood and dreamed of becoming rich. “I was quite talented. But the profit was small".
After becoming a top salesman, he began trading penny stocks at the Investor Center. Having achieved success in this business, he acquired a small company, Stratton Securities, which, for a certain period of time, was engaged in legitimate activities. He then succumbed to greed and began a classic pump-and-dump scheme, selling artificially inflated shares to investors.
He hired young salesmen and told them “not to hang up the phone until the client agrees to the deal or dies.”
As head of Stratton Oakmont, Belfort hired more than 1,000 stockbrokers and raised more than $1 billion in investment to launch 30 startup companies.
By deceiving his clients, Belfort earned $50 million a year.
“I could earn 10 times more by doing these types of transactions legally, and that’s the paradox. If you look at the companies that went under during the crisis, for the most part, they were legitimate businesses. Only a small component of their business was supported by greed and the desire for short-term profit. Ultimately, they made a lot of money in a short period of time, but then it all came crashing down. This is exactly the situation that happened to me.
Personally, I had to pay a high price for this... I lost my family, my freedom (I spent 22 months in prison), my self-respect - I almost killed myself due to drug addiction."
Luxury came naturally to Belfort. His children attended the most prestigious schools. “Wolf” had everything: from high-rise apartments in Manhattan to a luxurious mansion on Long Island. A 256-foot superyacht that he later damaged on the Italian coast, a Ferrari Testarossa, and a house in the Hamptons are just some of his toys.
Nadine Belfort, Jordan's second wife, whom he married after divorcing his first wife Denise, was simply incredible. She was completely devoted to him. Nadine supported Jordan even when he was partying, drinking, and abusing drugs. But she left him after he threw her down a flight of stairs in their home while under the influence of drugs. Nadine eventually married a lawyer and moved to California with her two children with Jordan.
There are also positive aspects to this story. Belfort wasn't just about pumping and dumping stocks and defrauding investors. He also helped bring shares of one of the most iconic fashion companies of our time, Steve Madden, to the public market. In addition, he ensured that his friends were treated properly and, at opportune times, sponsored their own brokerage companies.
The people who worked at Stratton were like mad dogs, willing to do anything to make a quick buck. Belfort claims that he did not hire employees who were already brokers or had a good education because they knew too much. Instead, he hired people with high school diplomas and teenagers who wanted to make big money. After all, it was obvious that they would be devoted to the “golden calf.” A kind of cult has formed around the company. Its employees were even nicknamed “Strattonites” (in honor of the Stratton company).
The Strattonites had a blast. Dwarf-tossing parties were a common occurrence in the office, as were prostitutes, drugs and feasts that left the restaurants looking like ruins.
At the time, Belfort often laundered money to Switzerland through several intermediaries. The detention of one of them was the beginning of the end for Belfort. FBI agents showed up at his doorstep and took him to jail. It was a steep fall.
While awaiting trial and sentencing, Belfort emerged as an informer, recording the speeches of several friends and former colleagues in hopes of reducing his sentence.
Belfort was sentenced to four years in prison, as was his business partner and friend Danny Porush. However, due to good behavior, consultations with a narcologist and stay in a hostel for people released from prison, he actually served about two years in prison.
The court also ordered him to pay a fine of $110 million, the amount he defrauded his clients of, and his gross monthly income will be reduced by 50% until he pays the fine in full.
Like many other Wall Street criminals, Belfort did not have to deal with the general "prison population." After a week in solitary confinement, he was placed in a general-security forced labor camp, which had tennis courts, a library, and various physical activities for him to enjoy. It was at this time that he lived in the same room with the notorious actor and drug addict Tony Chong, who advised him to write a book about his life.
After his release from prison, he wrote a book called The Wolf of Wall Street, a fascinating account of his life while running Stratton-Oakmont.
“Why am I telling you all this? Because I want you to know who I really am and, more importantly, who I am not. And also because I have two children and one day I will have to explain a lot to them. I will have to explain how it happened that their loving daddy - the same daddy who now takes them to football games, goes to parent-teacher conferences, sits at home on Friday nights and can whip up a Caesar salad for them in no time - was once such a nasty guy."
A continuation of the story about how he betrayed his colleagues and served a prison sentence has already been published - the book “To Catch the Wolf of Wall Street.”
Now Jordan Belfort is a completely different person. At least that's what he says himself. Currently, he lives in Los Angeles to be closer to his two children.
He believes his life is a cautionary tale for everyone, and Hollywood agrees. Famous American director Martin Scorsese decided to make the film “The Wolf of Wall Street” based on the story of Jordan Belfort, casting Leonardo DiCaprio in the lead role. The film premiered in December 2013. Who knows, perhaps businessmen of our time will also learn a lesson from this story.
“In no way am I encouraging you to give up the idea of making a lot of money, just don’t follow my example... Money is just a tool, but at that moment it got the better of me, which should not have been allowed. In this life, not everything comes down to money."
Today, Jordan Belfort is a success coach and shares with people his invaluable knowledge, enabling everyone to take the right path to creating wealth, a rich life and entrepreneurial success, without violating ethical standards and moral laws.
Jordan Belfort is a popular businessman who managed to earn his first million in a short time and taught other people to do the same. Of course, such sums for such a time are not earned honestly, for which Jordan had to pay with two years behind bars, the loss of his family and self-respect. But you need to extract positive aspects from every situation, which is what Belfort did. Today he is the author of a book in which he shares his story, and also the founder of the Belief System training, which allows many people to start earning large sums of money. Read more about the history of Jordan and his system in this article.
Starting a successful business
Jordan is a famous person who has reached heights in his financial activities. For his achievements, he was nicknamed "The Wolf of Wall Street." Jordan Belfort is the founder of the most successful brokerage firm on Wall Street.
He grew up in a family of accountants. From a very early age, Jordan Ross Belfort learned the basics of the financial world. Of course, before opening his company, he went through many difficulties and tried himself in other activities. For example, even in his youth he managed to successfully sell ice cream at a very high price. I wanted to connect my life with medicine, but after one day of studying at college to become a dentist, I realized that this was not his field of activity.
After this, Belfort began selling meat products, but his income did not match his talents. After mastering the profession of a salesman, Jordan Ross Berlfort began selling shares and soon acquired a small company that specialized in the same activity. At first, Jordan worked honestly, without breaking the laws, but very soon he tasted all the delights of this business and began selling artificial shares. He forced his wards to work, demanding that they keep up with the buyer until he agrees to the deal.
Luxurious life
After this, Jordan Belfort's business skyrocketed. Thanks to a little deception, his annual earnings were $50 million. Later, he realizes that it was better to follow an honest path. I had to pay very dearly for my rapid rise up: the loss of my family, freedom for 22 months and self-respect.
Luxurious living became Jordan's natural habitat. He had everything that any person could want: his own private apartment in Manhattan, a mansion in Long Island, a yacht, a Ferrari - just to name a few. Belfort's children were students of the most prestigious schools and did not deny themselves anything.
The second wife, Nadine, was very devoted to her husband. She always supported Jordan, always loved and cared for him, even despite his parties and wild life. Loving, caring, attentive - all this is Jordan Belfort. The photo speaks for itself, they were happy together. But her love was not enough to forgive one very bad act on the part of her husband: while under the influence of drugs, Belfort threw her down the stairs. Nadine quickly packed all her things and broke all ties of marriage, soon got married and took two children.
Not everything is as bad as it seems
Like every story, this one also has positive aspects. Jordan was not only fraudulently selling shares, he was also trying to make shares of one of the most popular companies available for public sale. Apart from this, he always demanded respect from his friends and invested in their brokerage companies at the right time.
The employees of Stratton, founded by Jordan Belfort, were willing to do anything to ensure the company's rapid growth. Belfort himself never accepted employees who had previously worked in a similar company or had a good education, based on the fact that they knew too much. Instead, he always opened the door to people who had an ordinary high school diploma, or teenagers who had an unquenchable desire to make millions.
Life behind bars
Working together with his intermediaries, Belfort managed to launder large amounts of money in Switzerland. After the arrest of one of these employees, his life changed dramatically. One fine morning, FBI agents appeared on Jordon's doorstep and took him to prison. It was probably the most spectacular fall in business in history.
Jordan Ross Belfort was sentenced to four years in prison. During this term, he showed his good side, which helped him get out of prison two years early. But the court demanded that he pay the amount by which he deceived all his clients.
Belfort served his sentence in a general regime forced labor camp. There was everything for a normal life in such conditions: tennis courts, various facilities for practicing different sports, a library. He lived in the same building with the famous actor Tony Chong, who was addicted to drugs. This world famous man advised Jordan to write a book about his life.
Redemption
Some time after leaving prison, he wrote a book, the title of which is very well known today - “The Wolf of Wall Street.” Today, Jordan Belfort encourages everyone to make their million, but not in the same way as he did it. After all, money is only a tool in our life, and true happiness lies in completely different things. A film was made based on this book, which quickly gained success and popularity.
But John’s life did not end there, and he, having correctly applied his skills and learned from his mistakes, re-entered the business. This time it doesn’t have such a bad outcome: today the whole world knows Jordan Belfort’s “Belief System”. This is actually the best training system for developing your business and learning effective sales. In “System” he shares his secrets, because you need to have a special skill in order to force young, inexperienced guys to bring high income to the company.
People who previously understood absolutely nothing about business began to make huge sales and earn millions after a while. And even after Jordan went to jail, these people could no longer help but earn such amounts. Could you do that? No? Then learn from Jordan, because he did it!
Life goes on
He motivates his listeners to succeed. It makes us not think about possible failures, and if we think about it, it is only in order to recharge with new energy to achieve our goals. After all, our thoughts about failure should be simply disgusting for us. Today, Jordan Belfort’s experience is very valuable among businessmen and just people who are tired of hunching their shoulders at work, earning pennies. Belfort has never been touched by any crisis, he always knew how to make money, which means he can teach others to live the same way.
The real story of The Wolf of Wall Street
Archival material about the machinations of broker Jordan Belfort, played by Leonardo DiCaprio in Martin Scorsese's new film "The Wolf of Wall Street"
Martin Scorsese's The Wolf of Wall Street, which was released in Russia on February 6, has already been dubbed by many critics as the director's best work and Leonardo DiCaprio's best role in many years.
The history of fraudulent financiers mixes sex, drugs and money. The story is based on Jordan Belfort's memoir about his tumultuous career at brokerage firm Stratton Oakmont.
And although Scorsese and DiCaprio are less interested in the details of securities fraud than in demonstrating shameless hedonism, the film faithfully depicts one of Belfort's first public revelations on the pages of Forbes. Author Rawla Khalaf, now the international editor of the Financial Times, did not coin the phrase “the wolf of Wall Street,” but called Belfort “a corrupt Robin Hood who takes from the rich and gives to himself and his merry gang of brokers.” This is what the described events looked like in 1991.
When Jordan Belfort was twenty-three years old, he went from door to door selling meat and seafood on Long Island, New York, and dreamed of becoming rich. Within a few months, he had his own freight transportation network, delivering 5,000 pounds of beef and fish a week. But Belfort expanded too quickly and simply ran out of capital. At twenty-five, he declared personal bankruptcy.
“I was quite talented,” shrugs the eloquent Belfort, now 29. “But the profit was small.”
He began to look for more liquid goods - and found shares. Steaks, shares - from the point of view of this assertive businessman there is not much difference. Today, Belfort has been the owner of Stratton Oakmont, a brokerage firm based in Lake Success, New York, for two years, which specializes in pushing dubious securities on gullible investors. And although this product can “go rotten” just like meat and fish, it seems to bring quite a profit. Stratton is expected to generate $30 million in commission income this year and boasts nearly 150 brokers. Belfort, who owns more than 50% of Stratton, earned $3 million in the past year alone.
However, he has not yet shared this wealth with his clients. A year ago, before customers began complaining, the US Securities and Exchange Commission (SEC) began investigating Stratton's sales and trading activities. Some of the firm's former brokers have received subpoenas. Belfort confirmed the fact of the investigation - according to him, Stratton is providing full assistance to law enforcement agencies.
The future Wall Street tycoon was born in Queens into a family of accountants and received a degree in biology from American University. After his meat business failed, he studied brokerage with several companies: L. F. Rothshild, D. H. Blair and F. D. Roberts Securities. Belfort completed his graduate studies at Investors Center, a company with a staff of 850 people that worked with penny stocks (securities with a very low market price). He came to work there in 1988, and a year later the Investors Center was closed by decision of the SEC regulator.
In 1989, Belfort joined forces with twenty-three-year-old Kenneth Green, another Investors Center alumnus who once hauled truckloads of meat for Belfort from time to time. In early 1989, the aspiring entrepreneurs opened an office in a friend's auto dealership in Queens, and then created a franchise of Stratton Securities, a small firm that combined the functions of a broker and dealer. Within five months, Belfort and Greene had earned so much in commissions that they were able to buy out all of Stratton's financial transactions for about $250,000. Greene, Belfort's right-hand man, today owns 20% of Stratton.
To market his stock to customers, Belfort hired young salespeople as motivated as his refrigerated truck drivers. He taught them a proven cold calling technique under the code name "Kodak Advertising." This meant that, first of all, the client was offered not some unknown product pulled from under the counter, but first-class shares, often Eastman Kodak shares. Only after an investor has taken the bait of the blue chips do Belfort's brokers start selling him quick-profit junk. A former Stratton broker remembers Belfort's motto: "Grab them by the throat and don't let them hang up."
For the brokers in this “gang of tomboys,” Jordan quickly became a real idol.
It is said about one twenty-eight-year-old Stratton employee that he used to lay carpets, but in the first month of work at the company he received $100,000, and in the first year - $800,000. Half of this money remained with the broker. On average, Belfort's employees earn about $85,000 a year.
Stratton's founder, like a fledgling version of the great New Jersey penny stock salesman Robert Brennan, says he helps clients invest in America's future. “The most important thing for me is to be associated with stocks of fundamentally healthy companies, companies that generate income,” he assures.
An excellent example of companies that Stratton trades in is Ventura Entertainment Group. Based in North Hollywood, California, Ventura produces content for television. Legally, a company came into existence after a limited liability partnership issued shares to the public stock exchange. Belfort began pushing Ventura's shares on everyone from day one and last year underwrote a second issue of shares. At the time of the offering, Ventura posted a loss of $455,000 on revenue of $3 million.
Ventura is owned by Harvey Bibikoff, 52, who previously owned Discovery Associates, an electronic equipment retailer. Under his leadership, the company, which today bears the name Leo's Industries, also suffered heavy losses.
Belfort does not just collect commissions and guarantee the placement of securities. Look at Ventura's second stock issue, for example. Last year, Stratton sold 400,000 Ventura lots (consisting of one share and one purchase certificate) for $12 each. The shares jumped to $15, and Belfort ordered brokers to quickly buy the certificates from happy investors at $1 each, while continuing to distribute the securities. A few months later, Belfort sold most of the certificates to investors for $10, making a profit of 900%. Ventura's current stock price (after a 2-for-1 stock split) is 63 cents.
Belfort cynically admits that the Ventura stock operation was good, but “every story comes to an end.”
Then came Nova Capital (now called Visual Equities), an investment firm controlled by Alvin Abrams, the 56-year-old president of penny stock firm First Philadelphia Corp. Since the 1960s, this investor has been followed by a trail of numerous bans and fines imposed by the SEC and the National Association of Stock Dealers. In 1989, Belfort purchased a large batch of Nova certificates for $1 each. He used most of the certificates at prices ranging from $2.50 to $2.75 and sold them to investors for $5. Stratton brokers continued to promote the stock. The price has increased to $9. As the shares rose in price, Belfort used the remaining certificates and sold the securities. (They have since dropped to $3). According to one estimate, this and similar certificate transactions have brought Stratton up to $10 million over the past two years.
In recent months, many of Stratton's shares - including DVI Financial and Ropak Laboratories - have fallen sharply since word of the SEC investigation spread. But Belfort, who has made huge profits from the scrip transactions, seems completely unwilling to use the firm's capital to support the stock. He is like a corrupt Robin Hood who takes from the rich and gives it all to himself and his merry band of brokers, justifying it as follows: “We appeal to wealthy investors. I couldn't live with myself if I called people who make $50,000 a year and took away the money they need for their children's education."
It seems that by the age of thirty, Belfort had achieved success. He drives a $175,000 Ferrari Testarossa.
The broker says he handles adversity well and plans to diversify Stratton into other areas of the business. Recently, for example, it acquired a preemptive right to purchase 15% of Judicate, a Philadelphia-based publicly traded arbitration firm. Judicate, which had revenue of $1.9 million and a loss of $814,000 in 1990, gained national attention last summer when it entered into a contract with the National Association of Stock Dealers to resolve disputes between brokers and clients. As things stand, Belfort will need all the help he can get to deal with Stratton's long list of failed clients.
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