Fraud in the News

‘Massive’ Ponzi scheme, Jordan Belfort sues and bettor makes bad gamble

‘Wolf of Wall Street’ not done yet

The 2013 Martin Scorsese movie, “The Wolf of Wall Street,” told the story of stockbroker Jordan Belfort, who went to prison for securities fraud after his stock manipulation scheme. On Jan. 23, Belfort brought allegations of fraud against the production company that made the movie, according to ‘The Wolf of Wall Street’ told the story of his fraud. Now he’s suing for fraud, by Ryan Faughnder, the Los Angeles Times.

According to the article, Belfort is suing Red Granite Pictures, which bankrolled the movie, saying he’s been damaged by the Malaysian financial scandal that engulfed the company in 2017. (See Lone brave journalist exposes 1MDB corruption, by Sarah Hofmann, CFE, Fraud Magazine, May/June 2018.) Belfort’s lawyers claim his book and story rights acquired by Red Granite have been tainted by allegations that the movie was financed by money pilfered from 1MDB.

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