7Truth, Lies, and “Why Don’t They Supervise?”

Inside Boiler Rooms and Other Brokerage Firms

With an evening coat and a white tie, anybody, even astockbroker, can gain a reputation for being civilized.

—OSCAR WILDE

Fueled by cocaine, Quaaludes, and hookers, between 1990 and 1997, Jordan Belfort led a bacchanalian romp of a life as the CEO of broker-dealer (the industry term for a brokerage firm) Stratton Oakmont, Inc. The “Wolf of Wall Street,” as Belfort was known, commuted to Stratton Oakmont’s Long Island office by limousine and often went by helicopter to Manhattan to party. The least successful of his brokers made hundreds of thousands of dollars a year by bullying investors into buying the stocks of companies that Belfort controlled. Their ...

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