It is unclear whether the video possibly crosses any line imposed on a one-time multi-millionaire, who is prohibited from acting as a broker or investment advisor.
Jordan Belfort dipped back into his old personality in a video posted on YouTube on Monday, in which he republished a scene from the Wolf of Wall Street, based on his 2007 memoir.
In the video, which runs about three-minutes long, the one-time New York City multi-millionaire stockbroker encouraged (mostly Reddit) stock traders not to be intimidated by hedge funds and short-sellers, while shots at the app Robinhood Taking, which limits the purchase of GameStop shares last week.
“We’re not fucking fucking !!! #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 features Belfert giving his character in the film Wolf of Wall Street when he said that his firm’s employees said he would not walk away from the business, which was part of his plea to fraud and corruption. Starring Leonardo DiCaprio, the scene is more memorable and intense in the 2013 Martin Scorsese film.
The video – parody or not – is a departure from a message Belfart shared last week when he warned that “mass victims” would result in Gametop and AMC stock manipulation.
“The problem is that it’s like this loose collision where a person says’ let’s stay together and stay strong.” And theoretically, it is illegal, “Belfort then said.” But I doubt that [the US Securities and Exchange Commission] will try to get out of such a case. ”
Belfort warned at the time, “Just remember, every time the market goes up, GameTop goes up, it’s going to be harder and harder to make the next move because the market cap just isn’t sustainable. So, At a certain point. One has to surpass those who are selling and moving on to the next. “
Belfort – barred from the securities industry and acting as a broker or investment advisor, as a result of his confidence – did not specifically say what shareholders should do.
An official with the SEC could not immediately be reached to comment on whether the video crosses any lines, but the Financial Industry Regulatory Authority’s Broker Check System states,
“The SEC prohibited this person from acting as a broker or investment advisor or otherwise engaging with firms selling securities or providing investment advice to the public.”
GameStop stock reached a share of about $ 500 last week, falling to $ 225 on Earth compared to the previous week. GME was trading at $ 5 a share two months ago.