2:54 pm PST 1-2-2021
by
Ryan Parker
It is not clear whether the video may violate the rules imposed on the one-time multi-millionaire who must not act as a broker or investment advisor.
Jordan Belfort dived back into his old persona on Monday in a video posted on YouTube in which he reenacted a scene from wolf of Wall Street, which was based on his 2007 memoir.
In the video, which lasts nearly three minutes, the one-time New York City multi-millionaire stockbroker (mostly Reddit) encouraged stock traders not to be intimidated by hedge funds and short sellers, while also snapping photos with the Robinhood app, which made the purchase of GameStop shares last week.
“We’re not leaving !!! #GME #HoldTheLine,” Belfort tweeted in addition to sharing the video. “Hold the line” is r / WallStreetBets’ slogan on Reddit, where risky stocks are pushed.
The video is of Belfort giving the speech his character gave The Wolf of Wall Street film when he told his firm’s staff that he would not run away from the company, which was part of his case for fraud and corruption. Portrayed by Leonardo DiCaprio, the scene is one of the most memorable and intense in the 2013 Martin Scorsese film.
The video – parody or not – deviates from what Belfort shared last week when he warned that “massive casualties” would result in GameStop and AMC stock manipulation.
“The problem is, it’s kind of a casual clash where one person says, ‘Let’s stick together and stay strong.’ And in theory that’s illegal, “Belfort said at the time.” But I doubt the [U.S. Securities and Exchange Commission] would try to make a business of such a thing. “
Belfort warned at the time, “Remember that every time the market goes up, GameStop goes up, it’s going to get harder and harder to take that next step up because the market cap is just not sustainable. So at some point, someone has to sell the people who do it. cross out and move on to the next. “
Belfort – excluded from the securities industry by his conviction and from acting as a broker or investment adviser – did not specifically say what shareholders should do.
A SEC official could not be immediately reached to comment on whether the video crosses boundaries, but the Financial Industry Regulatory Authority’s BrokerCheck system states, “The SEC has barred this person from acting as a broker or investment adviser or otherwise to go with companies to sell securities or provide investment advice to the public. “
GameStop’s stock skyrocketed to nearly $ 500 a share last week, before plunging back to Earth and trading for $ 225 Monday afternoon. GME $ was trading at $ 5 a share two months ago.
Alex Weprin contributed to reporting.