The blockbuster film "The Wolf of Wall Street," which chronicles the rise and fall of stockbroker Jordan Belfort, has been accused of fabricating significant portions of its narrative, according to individuals who were part of Belfort's inner circle. A new docuseries, "The Real Wolf of Wall Street," features former friends and colleagues who assert that while the movie captured the debauched lifestyle, it distorted or invented many specific events.
Howie Gelfand, who was partly the inspiration for the character played by Jonah Hill, stated in an interview that the filmmakers "just made up things." He described the movie as a "fairy tale, for Hollywood," suggesting that the reality was often stranger, though not necessarily less wild. Gelfand, a childhood friend of Belfort, worked at their brokerage firm Stratton Oakmont, which operated from 1989 until its closure in 1996 following the arrest of several executives.
While the film depicted outlandish office antics, Gelfand clarified that certain sensational scenes, such as the throwing of a dwarf, did not occur. However, he confirmed that extreme actions did take place, including two employees connecting their bodies to a car battery for $10,000, though they ultimately did not receive the money after failing to endure the shock for the full 10 seconds. Gelfand also admitted to eating a live goldfish, a scene mirrored by Hill's character in the movie, calling it "not one of my proudest moments."
Ross Portenoy, another childhood friend and former colleague, expressed surprise that director Martin Scorsese did not contact him directly, as Portenoy had documented many of Belfort's activities with home videos, some of which are featured in the docuseries. Portenoy stated that he believed Scorsese would have been interested in the raw footage. He also noted that gambling, a significant vice for many at Stratton Oakmont, was notably absent from the film's depiction.
Both Gelfand and Portenoy praised the performances of Leonardo DiCaprio and Margot Robbie. Portenoy remarked that Robbie "nailed" her portrayal of Belfort's wife. While the film showed the couple having sex on a pile of money, Portenoy recalled Belfort boasting about having sex on top of "three million dollars" in cash.
Belfort, who was released from prison in 2006 after serving 22 months for securities fraud, lived a lavish lifestyle marked by drugs, yachts, and parties. Gelfand, who has been sober for 14 years and now works in the travel industry, reflected on his own struggles with drug addiction, which lasted for years and led to multiple car crashes. He noted that the film did not adequately convey the severe consequences and the "price to pay" for those involved in the schemes, many of whom he stated "never recovered."
"The Real Wolf of Wall Street" is currently available for streaming on Paramount+.