Serial securities fraudster Jordan Belfort’s first series of scams was running a “boiler room” which is essentially a fake stock brokerage operation that sells shares in fake companies.
He was eventually sentenced to four years in jail, wrote a book, aptly called the “Wolf of Wall Street” and is currently on a world tour.
You can’t keep a determined scammer down, it seems, as the price of admission starts at $297 and goes all the way up to $697.
And where did this charming piece of work, who fleeced investors of in excess of $200 million, choose to advertise this past week? With the ailing Fairfax Media group’s Sunday Age newspaper.
They can charge as much as $10,000 for a full-page ad, although the troubled Sunday Age is known to offer deep discounts to many advertisers, even those sent to jail for four years for conning their clients.
Of course, it’s not Fairfax’s first brush with fraud and promoting the activities of those who later came to achieve notoriety, often later denounced in the pages of their own publications.
Their Melbourne Times publication and the Sunday Age notoriously ran plenty of full-page ads of the legendary property spruiker Henry Kaye who taught his property investment students how to “pay wholesale” for properties by paying him above-market prices for his own developments.
While failing to refund the hundreds of thousands of dollars they made from Kaye’s now collapsed property seminars group, they did piously report on his fall from grace and subsequent court cases (unlike the American, Kaye was acquitted of all criminal charges).