Creating and Managing Wealth

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We are pleased to announce the addition of Jordan Belfort to the Pajama Capital Team!


In the 1990s, Belfort founded brokerage firm Stratton Oakmont which functioned as a boiler room, and developed a hard-partying lifestyle, which included a serious drug addiction (Quaaludes). The firm also served as inspiration for the 2000 film Boiler Room. Stratton Oakmont employed over 1000 stock brokers and was involved in stock issues totaling more than $1 billion, including an equity raising for footwear company Steve Madden Ltd.

Belfort was the final owner of luxury yacht the Nadine (renamed after his second wife, a British-born model) originally built for Coco Chanel. In June 1997, it sank off the east coast of Sardinia. The Italian Special Forces were called to rescue all aboard the vessel. Belfort said he insisted on sailing out in high winds against the advice of his captain, resulting in the vessel's sinking when waves smashed the foredeck hatch.

Alabama Securities Commissioner Joseph Borg formed a multi-state task force that led to the prosecution of Stratton Oakmont after his office was inundated with complaints regarding the brokerage.

Belfort was indicted in 1998 for securities fraud and money laundering. After cooperating with the FBI, he served twenty-two months in federal prison for a pump and dump scheme, which resulted in investor losses of approximately $200 million. Belfort was ordered to pay back $100 million that he took from stock brokers.

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