14:54 PST 1/20/2021
by
Ryan Parker
It is not clear if the video possibly crosses any boundary line imposed on the one-time multimillionaire who is prohibited from acting as a broker or investment adviser.
Jordan Belfort plunged into his old persona again on Monday in a video posted on YouTube in which he filmed a scene from Wolf of Wall Street, based on his 2007 memoir.
In the video, which lasts nearly three minutes, the one-time stockbroker in New York encouraged a millionaire (mostly Reddit) stock trader not to be intimidated by hedge funds and short sellers while also shooting the Robinhood app. which restricted the purchase of GameStop shares last week.
“We’re not going to fucking leave !!! #GME #HoldTheLine, ‘Belfort tweeted in addition to sharing the video. ‘Hold the line’ was the slogan of r / WallStreetBets on Reddit where risky shares are printed.
The video is Belfort delivering the speech in which his character delivered The Wolf of Wall Street film when he told the staff of his firm he would not walk away from the business, which was part of his fraud and corruption. Played by Leonardo DiCaprio, the scene is one of the more memorable and intense in the 2013 Martin Scorsese film.
The video – parody or not – is a departure from the message Belfort shared last week when he warned that ‘massive victims’ would lead to GameStop and AMC’s stock manipulation.
The problem is that it’s a kind of this loose collision where one person says ‘Let’s stick together and stay strong’. And in theory it’s illegal, ‘Belfort said. ‘But I doubt if the [U.S. Securities and Exchange Commission] would try to make a case out of something like that. ‘
Belfort warned at the time: ‘Just remember, every time the market rises, GameStop goes up, it’s going to be harder and harder to increase the next step, because the market capitalization is just not sustainable. So, at some point, someone has to stick out the people who are selling and move on to the next one. ‘
Belfort – banned from the security industry and as a broker or investment adviser because of his beliefs – did not specifically say what shareholders should do.
An SEC official could not be immediately reached for comment on whether the video crossed any lines, but the Financial Industry Regulation BrokerCheck system states: ‘The SEC has banned this individual from acting as a broker or investment adviser on to enter or otherwise engage in related business selling securities or offering investment advice to the public. ‘
GameStop’s stock soared to nearly $ 500 a share last week before falling back to earth and trading at $ 225 on Monday afternoon. GME $ traded at $ 5 a share two months ago.
Alex Weprin reported.