Danny Porush Net Worth
Danny Porush net worth is around $200 million. This figure includes his earnings from his career as a stockbroker and businessman, as well as his assets and investments.
Danny Porush is an American businessman and convicted criminal who is best known for his involvement in the infamous stock manipulation scheme known as the “pump and dump.”
Porush, along with his business partner Jordan Belfort, ran the brokerage firm Stratton Oakmont in the 1990s, using illegal tactics to manipulate the stock market and defraud investors out of millions of dollars.
Porush was born on May 27, 1957, in Brooklyn, New York. He grew up in a Jewish family and attended Lawrence High School on Long Island. After graduation, he attended the University of Florida, where he studied business administration.
Porush entered the world of finance after college, working as a stockbroker at a number of different firms. In 1987, he co-founded Stratton Oakmont with Belfort, and the company quickly became one of the largest brokerage firms on Wall Street.
However, Porush and Belfort were using illegal tactics to manipulate the stock market and defraud investors, including pumping up the price of certain stocks and then “dumping” them, causing the prices to plummet and leaving investors with huge losses.
The Securities and Exchange Commission (SEC) began investigating Stratton Oakmont in the early 1990s, and Porush and Belfort were eventually indicted on securities fraud and money laundering charges in 1998.
Porush pleaded guilty to conspiracy to commit securities fraud and money laundering and was sentenced to 39 months in prison. He was also ordered to pay $110 million in restitution to victims of the fraud.
After his release from prison in 2005, Porush returned to the business world, founding a new company called Med-Care Diabetic & Medical Supplies. However, the company faced numerous legal issues and financial problems, and Porush ultimately filed for personal bankruptcy in 2011.
However, it is worth noting that this estimate is likely to be significantly inflated due to Porush’s involvement in the Stratton Oakmont fraud scheme, and it is not clear how much of this wealth he was able to keep after his legal troubles and bankruptcy.
In summary, Danny Porush is an American businessman and convicted criminal who is best known for his involvement in the “pump and dump” stock manipulation scheme. He co-founded the brokerage firm Stratton Oakmont in the 1990s, and was eventually indicted on securities fraud and money laundering charges.
Porush was sentenced to 39 months in prison, and was ordered to pay $110 million in restitution to victims of the fraud. His current net worth is estimated to be around $200 million, though this figure is likely to be inflated due to his involvement in the fraud scheme