Born in 1957, Daniel Mark Porush is an American stockbroker who was accused of pump and dump scheme along with his boss and friend Jordan Belfort in 1990s. In 1999, he was convicted of the securities fund and money laundering for which he had to stay in prison for 4 years. Porush was from an affluent family in Nassau County, NY City. He didn’t complete his education and after leaving college, he tried out different small businesses. Daniel’s wife introduced him to his partner Belfort in 1986 who became his inspiration to get into stockbroking. They worked coherently to establish their brokerage house in 1989 at Stratton Oakmont. This firm became quite famous during its early phases. Jordan There was a movie based on Belfort and Danny Porush with the title ‘The Wolf of Wall Street’.
Daniel Porush was the richest man having $7.5m Miami Beach condo and drove Rolls Royce convertibles. All his possessions are in his wife’s names. There were thousands of victims who got into the trap of a pump and dump by the two owners of the company. Porush was released from jail in 2004 and joined a medical supply and equipment company in Boca Raton, Florida. The company works under several names, including Med-Care Diabetic and Medical Supplies. The company has been the subject of government and public actions.
The brokerage house through which Porush and Belfort made the investment was an OTC brokerage house which was a franchise of Stratton Securities. Porush got the position of president and Belfort served as the chairman. This company worked as a boiler room and the owners tried to scam the investors with ‘pump and dump’ scheme. They led lavish lifestyles and even indulged in the recreational drug usage. The organization had been receiving the notices for disciplinary actions by NASD (National Association of Securities Dealers) and SEC (Securities and Exchange Commission). The eventual conclusion was that the company was a fraud and Porush was fined with an amount of $250,000.
Porush has never been away from showing his wealth by moving into the stunning condos and having an extravagant lifestyle. They might have got money from unknown sources but the people who were victims of the Belfort and Porush scam will never get their money. Some of the investors lost six-figure sum after getting into the trap of Stratton Oakmont in the 1990s. It was a very tough phase for investors. The near ones of Porush reveal that the loving man suddenly became a criminal in the company of his partner. The desire to make fast money led to the demise of his family and business.
Although, the interconnected between Danny and Jordan was due to the push of his first wife Nancy, who wanted to discuss them about the possible business opportunities. He was given a new job immediately by Jordan and that was the beginning phase of the brokerage firm which led them to jail in the later phases. Whatever is the scenario now, there were many people who lost a big money with the pump and dump scam in 1990s floated by Danny and Jordan. This is still a nightmare for many who lost their bucks in the anticipation for the growth.