Remember the movie, Wolf of Wall Street, the movie which inspired many to follow their ‘American Dream’, the inspiration behind the movie and whom it is based on Jordan Belfort has now sued the production company behind the film.
Jordan Belford has sued the company for $300 million stating that he was told lies when he initially agreed to sell the production company the rights.
As per the lawsuit filed by Belford, Riza Aziz, the co-founder of Red Productions represented the firm as a “legitimate and legally funded film production company.”
Belfort claims that he only agreed to sell the rights to make the film ‘Wolf of Wolf Street” which went on to make well over $300 million on the box office as he relied on that representation with Red Granite.
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Belford claims that he only found out about how Red Granite was not legally or legitimately funded was way after the release of the 2013 hit starring Leo DiCaprio as Jordan Belford.
According to Belford, he says that Aziz and Red Granite had concealed their source of funding which he says is a criminal act.
As per reports, Aziz is accused of laundering $248 million into Red Granite, which Belford says that it completely blindsided him.
A statement from the lawsuit reads as follows, “Had he (Jordan Belford) known, “he certainly would have never sold the rights.”
According to the lawsuit, Belfort has stated that Red Granite has “tainted” his rights going forward while failing to maximize those rights due to the highly-publicized scandal.
In the lawsuit, Belford has demanded a compensation of $300 million and also that his deal with Red Granite voided.
Red Granite has been slapped with a lawsuit for negligent misrepresentation, fraud, breach of contract and breach of the covenant of good faith and fair dealing and violation of the RICO Act.
As per sources closely following the matter, Leonardo DiCaprio who played the role of Jordan Belford in reel life has also agreed to testify in the lawsuit.
In an interview, an attorney for Red Granite, Matthew L. Schwartz of Boies Schiller Flexner termed Jordan Belfort’s lawsuit as ‘nothing more than a desperate and supremely ironic attempt’ from the Wolf Street man to get out from under an agreement made him rich and famous through legitimate means for the first time in his life.”