Jordan Belfort

  Belfort founded Stratton Oakmont in Stratton Securities the franchise. Then Belfort bought out the original founder. Stratton Oakmont was a boiler room where penny stocks were sold , and investors were cheated by stock sales. Belfort enjoyed a lavish lifestyle and was addicted to methaqualone that he offered under the brand name "Quaalude". It resulted in an addiction. [1][2121 Stratton Oakmont employed more than 1,000 stockbrokers in the past and was involved in the issue of stock that amounted to more than $1 billion. This included the first public offering by Steve Madden's shoe company. The law enforcement agencies have targeted the company throughout its time. The company's fame resulted in the production of the film Boiler Room (2000) and the biopic The Wolf of Wall Street (2013). Since 1989 onwards, Stratton Oakmont was subject to constant scrutiny by the National Association of Securities Dealers (now called the Financial Industry Regulatory Authority). In December 1996, the firm was finally expelled, Stratton Oakmont was expelled by the NASD and was forced to shut its doors. [23] In 1999, Belfort was indicted on allegations of securities fraud and laundering of money.