Jordan Belfort is a former American broker. He is considered the most famous scammer in the US stock market. In 1989, he founded the brokerage firm Stratton Oakmont. She sells shares of small companies over the phone at low prices and with questionable growth prospects. The entrepreneur gets rich, despite the very high risk. His empire will collapse a few years later and he will be sentenced to prison. His story inspired the film “The Wolf of Wall Street”, in which Leonardo DiCaprio played the main role. Today, Jordan Belfort is still trying to repay his debts, which amount to more than 100 million dollars. He recently spoke out on the FTX crypto scandal.
Jordan Belfort criticizes Sam Bankman-Fried
On Saturday, Jordan Belfort, “the wolf of Wall Street”, criticized Sam Bankman-Fried for his management of the FTX crypto exchange. It was during a interview on Maria Bartiromo’s Wall Street, a weekly show on Fox Business Network that breaks down economic news. According to the former broker, FTX is anything but a true crypto exchange.
For him, Sam Bankman-Fried was a bad manager because he was betting on incredible derivatives transactions. Therefore, resorting to FTX debt, was only expected to result in a similar situation, he said. Explain.
“It’s not an exchange. It’s like a brokerage firm or a bank that held customers’ money, and siphoned it off. Sam Bankman-Fried used it as his personal piggy bank. People deposited their money at FTX because they wanted to trade, just like any brokerage firm. It would be the equivalent of going to JPMorgan Chase, depositing your money in your Chase bank account and then finding out that in fact the CEO, Jamie Dimon took your money personally and went to Las Vegas and gambled on the weekends. -ends. So your money is his money. What is the difference ? »he commented.
Once a crypto skeptic, Jordan Belfort recently said he has changed his mind. For him, bitcoin (BTC) is a solid crypto, which has a great future. Last June, during a interview with Yahoo Finance, he said: “Before, I really hated crypto. I stand by everything I said about crypto in 2017 except for one thing. I was wrong that bitcoin was going to hit zero”.
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