Jordan Belfort: The Wolf of Wall Street

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Jordan Belfort: The Wolf of Wall Street History of the case Definition of Crime Laws Violated Penalties Imposed Upon Guilty In 1998 Jordan Belfort was indicted with 27 counts of International Securities Fraud and Money laundering. After cooperating with the FBI, in 2003 Belfort was sentenced to four years in prison and fined and ordered to back approximately $110 million that he had defrauded from investors. He served 22 months in federal prison and was ordered to pay investors 50% of his income until $110.4 million was collected (Kolhatkar, 2013). According to federal prosecutors, Belfort has not kept up his part to fulfill the terms of his agreement. After his release in April 2006 Belfort’s income has consisted of $1,767,203 from his publication of his books, the sale of his movie rights, and the $30,000 he gets per motivational speech. And since 2007 he has only paid $243,000 of the $110 million he is required to pay as restitution. His actions have resulted in federal prosecutors filing a complaint against him in October of last year. The government has not held Belfort in default, only for keep negotiations open. But, it is still uncertain of when the full restitution amount will be paid off (Con Artists Hall of Infamy). Policy Securities Fraud: Securities fraud, also known as investor fraud or investment fraud, is a deceiving way of manipulation in the stock markets, which persuades potential investors to purchase or sale due to false information, usually resulting in loss of investments. Securities fraud may also involve direct theft from those investing through embezzlement, the theft or misuse of funds placed in one’s trust (Google), or stock manipulation, which is a premeditated attempt to meddle with... ... middle of paper ... ... they lost, and much less their stress and hardship they might have endured due to their unfortunate loss. Melvin Weinberg: Abscam History of the case Definition of Crime Laws Violated Penalties Imposed Upon Guilty Policy Approximate Financial Impact Punishment Analysis References Con Artists Hall of Infamy. (n.d.). THE INDUCTEES: Jordan Belfort. Retrieved April 8, 2014, from Con Artists Hall of Infamy: http://www.thehallofinfamy.org/inductees.php?action=detail&artist=jordan_belfort Cornell University Law School. (n.d.). 18 U.S. Code § 1348 - Securities and commodities fraud. Retrieved April 8, 2014, from Legal Information Institute: http://www.law.cornell.edu/uscode/text/18/1348 Money Laundering Control Act of 1986 . (n.d.). Retrieved April 8, 2014, from http://www.ffiec.gov/bsa_aml_infobase/documents/regulations/ML_Control_1986.pdf
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