Jordan Belfort, the former stockbroker and convicted felon, weighed in on Saturday night in last week’s GameStop-WallStreetBets-Robinhood saga.
Belfort, whose rise and fall on Wall Street was documented in the 2013 Martin Scorsese film, ‘The Wolf of Wall Street’, starring Leonardo DiCaprio, shared his observations during a performance on Fox News ” Watters ‘World’ with presenter Jesse Watters.
Watters claimed that the actions of Wall Street giants to convince trading platforms like Robinhood to stop trading puny stocks like GameStop – which “average Joe” investors sent through the Reddit community WallStreetBets – were likely illegal.
“I think it goes further,” agreed Belfort – warning that the consequences could be fatal for Robinhood.
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“When I first saw it happen … when I really investigated what had happened,” he said, “they broke a tremendous amount of laws …
“I think Robinhood has gone out of business because the number of lawsuits they are getting now, from every person on either side of it … They’ll say, ‘Wait, I couldn’t buy what I wanted to buy’, or ‘I was forced to sell ‘- They’re done, Robinhood. “
“Someone has to go to jail, it’s true,” he continued. “I wasn’t that upset at first, but last night I saw that the shorts were still short and … It’s time the little guy gave them to Wall Street. It’s so glad to see. actually still shocked. “
“It’s time the little guy gave it to Wall Street. It’s so nice to see. ‘
Watters then claimed that Wall Street pros got a dose of their own medicine and didn’t like it – and retaliated by “crushing” the investors who made some money.
Belfort again agreed, noting how quickly the retail trading platforms had closed.
“They closed these platforms down to the little guy like the way Parler was shut down,” he said, comparing the situation to that of a social media site popular with conservatives.
“Now what about this one?” Belfort continued. “Google has eliminated 100,000 negative reviews of Robinhood. … I can’t believe the things that are allowed to happen right now and it’s almost like Big Tech is going with impunity, Wall Street with impunity.”
“I can’t believe what things are allowed to happen now and it’s almost like Big Tech has impunity, Wall Street has impunity.”
Regardless of how things look in the coming days and weeks, Belfort has issued a clear warning to all budding investors who are considering making a quick buck.
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“Please be careful,” he warned, “because at some point the party for these stocks will end and they will drop abruptly – and unless you are careful, you will lose a lot of money.”
He added one last comment.
“Until someone goes to jail for this,” he said of last week’s market maneuvers, “it will happen over and over.”