Jordan Belfort, infamously known as the “Wolf of Wall Street,” rose to infamy due to his participation in securities fraud and financial crimes during the 1990s.
However, in more recent times, he has been accused of being involved in another scam called OmegaPro and allegedly having money invested in a $500 million dollar Ponzi scheme.
Well-known YouTuber Stephen Findeisen, also known as Coffeezilla, recently reached out to Belfort for a comment, but Belfort’s response accused Findeisen of being “wildly misleading” with a quote. This prompted Findeisen to address the matter directly on his YouTube channel on June 27, clarifying the situation for his viewers. He wrote the former Wall Street stockbroker:
“Hi Jordan, my name is Coffeezilla I’m an investigative journalist I noticed you had a balance of $325,000 with Traders Domain on September 20th, 2022, via your company, Future Gen LLC, and also participated as a paid spokesman of some kind for OmegaPro, both massive interconnected Ponzi schemes.”
To which the team responded:
“Mr. Belfort is not nor has ever been a paid spokesman of OmegaPro he actually declined their offer, OmegaPro hired Mr. Belfort to speak at two of their events. These were two of over 150 events that Mr. Belford spoke at that year, and he has never had any affiliation with the company and only vaguely knows what they do.”
Issue over the Belforts quote
The dispute over Belfort’s quote arose when Coffeezilla mentioned he was going to play a clip of the speech, and his team objected, stating that the clip was wildly misleading. The team also provided what they called the first half of the quote and affirmed that Mr. Belfort stands by it to this day.
“I’m not talking about a get-rich-quick scheme. That’s not what I mean. I’m not advising you to go out and find some get-rich-quick scheme, which is not a legitimate business.”
Initially, Findeisen thought he might have made an error. However, upon rewatching the video of Belfort’s speech and examining the full context, he discovered a significant difference:
“I’m not talking about a get-rich-quick scheme. That’s not what I mean. And so, I’m not advising you to go out and find some get-rich-quick scheme, which this is not (referring to Omega Pro). It’s a legitimate business, okay.”
Findeisen highlights that the two versions have completely different meanings. In one, Belfort appears to endorse the company, while in the authentic quote, he refers to it as a legitimate business. Findeisen questions why the provided quote lacks the essential context, suggesting that Belfort might be pretending to understand the company’s operations since one wouldn’t label something a legitimate business without knowing what it actually does.
Additionally, the Wolf of Wall Street made a statement about OmegaPro, likening it to the saying, “don’t look a gift horse in the mouth.” He emphasized that these types of opportunities don’t present themselves frequently in one’s lifetime.
According to the American entrepreneur’s team, they claim that Mr. Belfort has no knowledge of Traders Domain’s connection to OmegaPro, except for the fact that a close friend of his mentioned making a significant profit through a managed account.
This friend convinced the former stockbroker to try investing with the same money manager. As a result, Mr. Belfort made a small speculative investment of approximately $200,000 with Traders Domain.
However, after a few months, he became skeptical and felt that the investment seemed too good to be true. Consequently, he decided to withdraw his money, which involved legal proceedings and took a couple more months. Eventually, he received his initial investment back, along with a small return, before ultimately closing his account with Traders Domain.
Watch the video: Jordan Belfort responds to Ponzi scheme accusations