As reported by CCN recently, Jordan Belfort or as widely known as the Wolf of Wall Street has not paid in full, his arrears to the Victims of the Microcap Stock Scam or the Penny Stock Scam and the courts are coming down heavily on his as he has only paid 12.5 Million USD of the 110 Million USD which he was originally ordered as restitution amount to be paid by him to the Victims.
It’s interesting to note here that while he kept bashing Bitcoin and other ICOs, had he invested in Bitcoin during the time he was busy warning people against it, he would’ve made enough money to clear of all his restitution debt and would still be left with good amount to start a new Venture. Now, things are getting even worse as the Government plans on garnishing 100 percent of his equity interest in his wellness company Delos Living as part of the government’s $110 million restitution order against Belfort, of which the judge said he has only paid a “fraction,” The Brooklyn judge also denied Belfort’s objection that under the Consumer Credit Protection Act that the government could only garnish 25 percent.
The Brooklyn Judge Donnelly in the court order was quoted saying that
As quoted by CNBC in their article
Brooklyn-based Donnelly said Congress adopted the garnishment limitation to “relieve countless honest debtors driven by economic desperation from plunging into bankruptcy in order to preserve their employment and insure a continued means of support for themselves and their families.”Nothing about the defendant’s arrangement with Delos Living is consistent with that goal,” Donnelly said, adding that it would frustrate “the primary and overarching goal” of the Mandatory Victims Restitution Act.”
After this court order, the road shall be even tougher for the Wolfie and there are high chances that his CNBC Original feat at Bitcoin: Boom or Bust where he put forward very critical comments or in other words as mentioned by CNBC in their headlines warned investors of the next “Big Trap” if they invest in Initial Coin Offerings and Bitcoins has paved a way to this.