How Much Money Has Jordan Belfort Paid Back In Restitution Already

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Guess Forces Bitcoin Basher Hashemite kingdom of jordan Belfort to Pay More Restitution to Victims He Scammed

Hashemite kingdom of jordan Belfort bitcoin

Jordan Belfort, best known as the "Wolf of Wall Street" portrayed by Leonardo DiCaprio, has simply paid $12.v million of the $110 million he was originally ordered to repay victims of his penny stock pumping scheme.

Although he served out his years-long prison sentence, he volition non have fully repaid his debt to society until investors are all fabricated whole. Nearly twenty years on, that has all the same to happen.

While he hasn't made fourth dimension to earn the coin to repay the victims, Belfort has had enough of time for bashing Bitcoin and ICOs. Had he invested $1 one thousand thousand or even a few hundred thousand back in 2011 or 2012, he'd have far more than enough to repay the investors and kickoff any kind of venture he could dream up.

Instead, he's deeply in arrears — more than than 80% left to pay — and now a gauge has decided to garnish his pale in a privately held visitor, Delos Living, a health, existent estate, and technology firm.

Belfort had objected to the regime's merits on his holding, assertive that the Consumer Credit Protection Act provided debtors with a protection of 75% of such assets, meaning the regime should just take 25%. A Brooklyn judge did non hold with his appeal and has granted the government's request to garnish 100% of his interest in Delos Living, finer liquidating it to whoever wants it at its current value and transferring the wealth to Belfort'southward victims.

Estimate Ann Donnelly said:

A review of the statute's purpose and the relevant case police force leads me to conclude that these interests are not what Congress had in listen when it enacted the CCPA.

Belfort'due south attorneys could potentially appeal the ruling if information technology'southward permissible nether the law. However, it seems unlikely they'd find any relief since the case is essentially a thing of parole terms being situated and enforced. Notwithstanding the reader should notation that the author is non a lawyer, so every bit far as he knows anything can happen.

Yet, again: if Belfort had played in the Bitcoin space at all, it would exist very hard for the government to but snatch and take hold of his coin.

Perhaps he'll consider Bitcoin the adjacent fourth dimension he's looking for ways to return to his lavish lifestyle. Had he liquidated the stake himself and invested in Bitcoin simply xviii months ago, he'd accept fabricated a return sizable plenty to likely purchase all 100% of the visitor also as get current on his debt payments. Just speculation, of class, as nosotros have no concrete figures on the value of his ownership in Delos Living. The point is that while the confessed scammer seems sure that Bitcoin is a scam, a modest to a large investment in it would have saved his salary more in one case past now, unlike the scams that he perpetuated on unwitting retail investors decades ago.

Featured image from Shutterstock.

The post Judge Forces Bitcoin Basher Hashemite kingdom of jordan Belfort to Pay More Restitution to Victims He Scammed appeared first on CCN.

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