Jordan Belfort, the pump-and-dump scammer immortalized in Martin Scorsese's "The Wolf of Wall Street", said in a lawsuit Thursday that he was victimized by a far grander scam perpetrated by the film's producers.
Belfort filed a US$300 million (RM1.23 billion) suit yesterday alleging that he was a victim of fraud following revelations that the film was funded by proceedes stolen from state fund 1Malaysia Development Bhd. Belfort says he relied on that representation when he agreed to make the deal with Red Granite, which eventually released "Wolf of Wall Street" in 2013.
In his lawsuit filed in California, Belfort contends the embezzled funds were used to finance the movie, and he would have never sold the rights to his story if he knew that was that case.More news: Voting by mobile phone becomes a first in Seattle
Belfort served almost two years in prison for scamming investors out of millions of dollars in the early 1990s.
"Belfort is significantly damaged by Red Granite's tainting of his book/story rights, coupled with Red Granite's inability and/or refusal to exploit and maximize the rights acquired from Belfort as required by contract, due to the highly publicized scandal and amid the allegations of their direct involvement", Belfort's complaint said.
In a 2017 interview with finews.com, nevertheless, Belfort stated he knew upon assembly the individuals round Pink Granite that they had been "f-ing criminals". "I said to Anne", This is a awful scam, anyone who does it has stolen money.More news: Authorities warn of TikTok ‘outlet challenge’ causing fires
Pink Granite's lawyer, Matthew Schwartz of Boies Schiller Flexner, stated on Thursday that Belfort's go well with has no benefit.
According to the LA Times news site, Belfort said he and others have suffered as a result of allegations that the movie's funds came from money allegedly misappropriated from 1MDB in Malaysia. The government has sought to garnish additional funds from Belfort in the years since the film was released.
Belfort claimed that the scandal prevented him from pursuing another movie deal based on a continuation of his life story as contained in a follow-up book titled Catching the Wolf of Wall Street.More news: Previously Developed Non-Cancer Therapies May Have Cancer-Fighting Potential
"Jordan Belfort's lawsuit is nothing more than a desperate and supremely ironic attempt to get out from under an agreement that for the first time in his life made him rich and famous through lawful and legitimate means", the Los Angeles Times reported him as saying.