Danny porush American businessman and former stockbroker Danny Porush, who in the 1990s had conjoined with his friend Jordan Belfort to commit a pump and dump stock fraud operation, was recently arrested. After defrauding investors of millions of dollars, he too received four years in jail for securities fraud and money laundering. Raised in a wealthy household in Nassau County, New York, Porush always knew he wanted to do something big when he grew up.Before Dickinson College and Boston University, he attended Lawrence Woodmere Academy, although he never finished schooling there. After graduating from college, he was said to have worked for various modest companies. A few he built himself. In 1986, Porush was introduced to Belfort by his wife. Porush became a stockbroker after seeing Belfort’s success. They started Stratton Oakmont, their brokerage, in 1989. Soon after its creation, the company garnered the attention of the relevant authorities. Both Porush and Belfort pled guilty and turned on their colleagues in return for a reduced sentence after their arrest. After his release in 2004, Porush worked for a Boca Raton, Florida, medical supply and equipment firm under investigation by federal investigators.
When Danny Porush graduated from high school, he worked for various small firms. He even had a few of his enterprises. Nancy, Belfort’s wife, was the first one to meet him. The successful stockbroker Belfort was at the time. About Porush, he operated an independent ambulance service. Nancy insisted that he talk to Belfort, and he did so at her insistence. It was then that he concluded that he should also pursue a career as a stockbroker.After passing the Series 7 test and becoming licensed as a stockbroker, he joined the firm where Belfort worked.
Soon after, Porush began generating a sizable sum of money. With Belfort’s help, they established the Long Island, New York, business Stratton Oakmont in 1989. Initially, it was a subsidiary of Stratton Securities, a brokerage known as an “over-the-counter” (OTC). It was Porush who served as president and Belfort as chairman. From time to time, they would buy out the whole corporation.
Porush and Belfort gained most of their money by promoting penny stocks and defrauding their investors via “pump and dump” stock sales at Stratton Oakmont. Both used to indulge in recreational drug usage, and prostitution was a common pastime.
The National Association of Securities Dealers (NASD) and the Securities and Exchange Commission (SEC) have taken many disciplinary measures against this organization since its founding (SEC)
Michael Porush became infamous for his involvement in pump and dump schemes. For this crime, he served three years behind bars before being released.
Porush joined a firm in Boca Raton, Florida, known as Med-Care Diabetic & Medical Supplies, shortly after his release from prison. In April 2013, a congressional hearing examined the issue of health care reform in the United States.
Personal and Family Life
Danny Porush was born in the United States in February of 1957. He grew up in a Jewish family in Lawrence, New York, part of Nassau County. His father worked in medicine. Before enrolling at Dickinson College, he attended Lawrence Woodmere Academy. Later, he went to Boston University but pulled out before completing his degree.
It was in 1986 when Porush wed Nancy, a woman he claims to be his first cousin. Nancy claims they first met at a black-tie event in 1984. He was running a bike messenger service in the city at the time. Porush asked Nancy to leave her job and work for him after they fell in love. In the end, she consented to it.
Porush proposed to Nancy at a modest upstate motel about a year after they started dating. However, she subsequently canceled the wedding due to certain misgivings she had first expressed. Despite the breakup of their relationship, they were still communicating. They got back together almost seven months after their split. The ceremony took place in January 1986. Jon Porush and Blake Porush are two of their three children.
When George was detained for the first time during the 1997 Labor Day weekend in the United States, he was still married to Nancy.
When Porush was freed from police detention in April 1998, he told Nancy that he had fallen head over heels in love with another lady already pregnant with his kid. Divorce was also on the agenda.
He married his lover Lisa Krause in 2000 after their divorce was finalized. Together, they have a son. Michael Krause and Blake Krause are two of Porush’s four stepchildren from prior marriages.
In Martin Scorsese’s ‘The Wolf of Wall Street (2013), Porush is the inspiration behind the character Donnie Azoff (Jonah Hill).