My first employment at a brokerage firm, which I’ll touch upon in part 2 of my book series, was an offshoot of the Wolf of Wall Street’s boiler room, Stratton Oakmont. I didn’t know it was a boiler room at the time and never pitched stock there, since I was an unlicensed cold caller, but it was the most professional and skilled sales force I’ve ever seen in my life. Those guys could sell steaks to a vegan.
Here’s the former Wolf, turned “motivational speaker” calling out ICO’s for what they are: scams.
Belfort, who spent 22 months in jail after pleading guilty to securities fraud and money laundering, said while most investors probably did not have bad intentions with ICOs, it would only take a small proportion of people trying to scam the others for it to become a “disaster”.
“It is the biggest scam ever, such a huge gigantic scam that’s going to blow up in so many people’s faces. It’s far worse than anything I was ever doing,” Belfort told the Financial Times.
How will you recover?
Pro-tip, you won’t.
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