14h54 PST 2/1/2021
in
Ryan Parker
It is not clear whether the video possibly exceeds the limits imposed on the multimillionaire who has been banned from acting as a broker or investment advisor.
Jordan Belfort on Monday returned to his previous personality in a video posted on YouTube in which he re-enacted a scene from Wall Street Wolf, which was based on his 2007 memories.
In the video, which is almost three minutes long, the multi-million dollar broker from New York City encouraged (mainly Reddit) stock brokers not to be intimidated by hedge funds and short sellers, while also taking pictures of the Robinhood app, which limited the purchase of GameStop shares last week.
“Let’s not get out of here !!! #GME #HoldTheLine, ‘Belfort tweeted in addition to sharing the video. “Hold the line” has been the r / WallStreetBets slogan on Reddit, where risky stocks are being pushed.
The video is from Belfort giving his character’s speech the wolf of Wall Street film when he told employees at his company that he would not leave the business, which was part of his fraud and corruption deal. Played by Leonardo DiCaprio, the scene is one of the most memorable and intense in Martin Scorsese’s 2013 film.
The video – parody or not – is a departure from the message Belfort shared last week, when he warned that “massive victims” would result in the manipulation of GameStop and AMC actions.
“The problem is, it’s kind of a loose collision where a person says, ‘Let’s get together and stay strong.’ And, theoretically, this is illegal, “said Belfort then.” But I doubt that the [U.S. Securities and Exchange Commission] would try to make a case with something like that. “
Belfort warned at the time: “Remember, every time the market goes up, GameStop goes up, it will be increasingly difficult to make the next climb because the market capitalization is simply not sustainable. So, at a certain point, someone has to cross out the people who are selling and move on to the next one. “
Belfort – banned from the securities market and from acting as a broker or investment advisor, because of his belief – did not specifically say what shareholders should do.
It was not possible to contact a SEC official to comment on whether the video exceeds any limit, but the Financial Industry Regulatory Authority’s BrokerCheck system states: “The SEC has prohibited that individual from acting as a broker or investment adviser or from associating with companies that sell securities or provide investment advice to the public. “
GameStop shares soared to nearly $ 500 last week, before plummeting back to Earth, trading at $ 225 on Monday afternoon. GME $ had been trading at $ 5 per share for two months.
Alex Weprin contributed reporting.