'Wolf' of Wall Street sues Red Granite, Riza

Carla Harmon
January 24, 2020

USA stockbroker Jordan Belfort, whose story was featured in the movie "The Wolf of Wall Street", is suing the production company owned by Riza Aziz which produced the film.

Belfort sold his life story to Red Granite Pictures, whose CEO is now facing corruption charges in Malaysia for allegedly embezzling more than $200 million, Variety reported.

The complaint says he could secure another film deal for his follow-up book "Catching the Wolf of Wall Street" if he were untied from his deal with Red Granite.

Belfort - who served 22 months in jail after bilking buyers out of a relatively modest $200 million within the early 1990s - alleges that the 1MDB scandal has tainted the rights to his story. But in the wake of the 1MDB scandal, the suit contends that the company is no longer able to fully capitalize on those rights. "Had Mr Belfort known those facts, he would have never agreed to enter into this contract".

In a 2017 interview with finews.com, however, Belfort said he knew upon meeting the people around Red Granite that they were "f-ing criminals". "I said to Anne", This is a awful scam, anyone who does it has stolen money. But Variety's article also includes quotes from a 2017 interview with Belfort where he claims, in stark and fairly profane terms, that he knew as far back as the The Wolf of Wall Street launch party at Cannes, that something fishy was going on.

Belfort's lawyer told the website: "Red Granite and its principals did not disclose to Mr Belfort that they were using funds obtained from engaging in racketeering and other criminal activity ..."

"Jordan Belfort's lawsuit is nothing greater than a determined and supremely ironic try to get out from below an settlement that for the primary time in his life made him wealthy and well-known via lawful and legit means", Schwartz stated in a press release.

But years later, the movie became embroiled in a blockbuster Department of Justice case, in which prosecutors alleged that Malaysian government officials and their associates stole more than $4.5 billion from the fund between 2009 and 2015.

According to the suit, Belfort believed Aziz when he said that Red Granite's money came from legitimate sources, including high-net worth individuals and Goldman Sachs.

Variety details his suit, which seeks a whopping $300 million in damages from Red Granite Pictures and its chief executive, Riza Aziz.

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