Federal prosecutors indicted Mr. Belfort in 1998 for securities fraud and money laundering. He pleaded guilty and was ordered to pay $110.4 million in restitution to his victims. The court ordered him to pay 50% of gross income to victims until the full amount had been repaid. In exchange for cooperating with investigators, Mr. Belfort received a reduced sentence of three years in prison.
Mr. Belfort has paid $11.6 million in restitution so far, but the vast majority of that came in the form of properties forfeited as part of his plea agreement, according to prosecutors. While serving a three-year period under court supervision after his April 2006 release from prison, Mr. Belfort paid the required 50% of his income, though he made little money in that period, according to prosecutors.
Once that probationary period ended in 2009, however, prosecutors said Mr. Belfort stopped paying. He moved to Australia, complicating the government’s efforts to track and seize his assets, they said. Prosecutors believe Mr. Belfort’s income began to grow as his motivational-speaking business took off, royalties from two books picked up, and a lucrative movie deal was signed, according to Mr. Nardoza.
My thoughts: Basically he is now living in Australia safe from paying his victims. The more people that watch this movie, the more money this scumbag gets. The Bottom line he is being rewarded for being a total dirt bag criminal which he still is. Why not spend your money on The Lone Survivor which tells the story of true American heroes?
Anthony is currently heading the Educator/403(b) Division at Ritholtz Wealth Management LLC. The goal of our division is to transform the way teachers save for retirement. For disclosure information please see here.
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