The self proclaimed “Wolf of Wall Street,” Jordan Belfort, expects the Robinhood trading platform to go out of business over the GameStop (GME) trading controversy. “I really believe the lawsuits are going to be very problematic,” Belfort told Yahoo Finance Live.
Belfort was the founder of the defunct Stratton Oakmont brokerage. He plead guilty in 1999 to running an illegal “pump and dump” stock scheme that cost his clients more than $100 million. Belfort served 22 months in federal prison and later authored a memoir, “The Wolf of Wall Street,” which became a film starring Leonardo DiCaprio.
GameStop shares soared more than 1,600%, in three months, hitting $483 last week and that surprised Belfort. “When I first looked at it I said, ‘Yeah, it’s a modified pump and dump,’” he said.
Author: Adam Shapiro
Publication Date: 2 February 2021
Publication Site: Yahoo Finance