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Stratton Oakmont, Inc. was a Long Island, New York, over-the-counter brokerage house founded in 1989 by Jordan Belfort and Danny Porush. It defrauded many shareholders , leading to the arrest and incarceration of several executives and the closing of the firm in 1996.
This is an accepted version of this page This is the latest accepted revision, reviewed on 25 December 2024. American businessman Danny Porush Porush in 2021 Born February 1957 (1957-02) (age 68) Lawrence, New York, U.S. Occupations Businessman stockbroker Criminal status Released in 2004 after 39 months Spouse Nancy Porush (m. 1986; div. 2000) Lisa Krause (m. 2000) Children 4 Conviction(s ...
Prodigy, an early online content hosting site, hosted a bulletin board called Money Talk on which anonymous persons could post messages about finance and investing. In October 1994, an unidentified user on Money Talk submitted a post claiming that Stratton Oakmont, a securities investment banking firm based in Long Island, New York, and its president Danny Porush, had committed criminal and ...
His brokerage firm, Stratton Oakmont, pitched penny stocks to eager investors who bought into bogus sales pitches and purchased shares. This in turn artificially “pumped up” stock valuations.
Stratton Oakmont was under near-constant scrutiny from the National Association of Securities Dealers (now the Financial Industry Regulatory Authority) from 1989 onward. Finally, in December 1996, the NASD expelled Stratton Oakmont, putting it out of business. [27] Belfort was then indicted for securities fraud and money laundering in 1999. [28 ...
The fraud involves operatives calling homeowners, who oftentimes had previously sought relief from their mortgage lender and thus were expected to be contacted, according to the FCC. The callers ...
Belfort tells his real-life story of creating Stratton Oakmont, a brokerage house engaged in pump and dump schemes with penny stocks. The firm was shut down by regulators in the late 1990s, and Belfort was subsequently jailed for securities fraud.
Members of the family who own OxyContin maker Purdue Pharma, and the company itself, agreed to pay up to $7.4 billion in a new settlement to lawsuits over the toll of the powerful prescription ...