Jordan Belfort, the former stockbroker and convicted felon, weighed in Saturday night on last week’s GameStop-WallStreetBets-Robinhood saga.
Belfort, whose rise and fall on Wall Street …
Jordan Belfort, the former stockbroker and convicted felon, weighed in Saturday night on last week’s GameStop-WallStreetBets-Robinhood saga. Belfort, whose rise and fall on Wall Street was documented in the 2013 Martin Scorsese movie, “The Wolf of Wall Street,” starring Leonardo DiCaprio, shared his observations during an appearance on Fox News’ “Watters’ World,” with host Jesse Watters. Watters asserted that moves by Wall Street giants to convince retail trading platforms like Robinhood to halt trading on puny stocks like GameStop — that “average Joe” investors had sent soaring via the Reddit community WallStreetBets– was likely illegal. “I think it goes beyond that,” Belfort agreed – and warned the implications could be fatal for Robinhood. “When I first saw it happen… when I really investigated what happened,” he said, “they broke a tremendous amount of laws … “I think Robinhood’s out of business because the amount of lawsuits they’re gonna get right now, from every single person on both sides 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.
