|Net Worth:||$12 Million|
|Born:||February 05, 1957|
|Country of Origin:||United States|
|Source of Wealth:||Stockbroker, Businessman|
Daniel Mark Porush is an American businessman, entrepreneur, and former stockbroker. Danny Porush’s net worth is estimated to be around $12 million. He is well known as the partner in crime for “The Wolf of Wall Street” starred by Leonardo Dicaprio, he was The character of Donnie Azoff, portrayed by Jonah Hill in the film.
In 1999 a year after the capture of Jordan Belfort by the FBI, Porush was convicted for 39 months in prison of securities fraud and money laundering at the Stratton Oakmont brokerage. After prison, Porush became involved with a Florida-based medical supply company, Med-Care, which became the subject of federal investigations.
- Daniel Porush threatened to sue Paramount Pictures if he was depicted in the film “The Wolf Of Wall Street”, because of that the character’s name changed to Donnie Azoff.
Danny Porush was born in February 1957 to a Jewish family in Lawrence, Nassau County, New York. His father was a doctor. Porush graduated from Lawrence Woodmere Academy, then attended Dickinson College and Boston University.
After some time, Porush didn’t like the university because of his bouncing from job to job and starting many small businesses to help grow his net worth.
Career and Success Story
Porush started his career by working with Jordan Belford to found his company “Stratton Oakmont” a Long Island, New York “over-the-counter” (OTC) brokerage house. Porush became the president of the company.
The company was selling penny stocks and underwriting initial public offerings for small companies to naive and greedy buyers. In 1989 SEC investigation barred Belfort from the industry and returned his trending license. Later that year, Porush took over as chairman and CEO of Stratton Oakmont.
NASD and SEC Investigation
In 1989 Stratton Oakmont became the subject of numerous disciplinary actions by the (NASD) and the (SEC) and determined that Stratton Oakmont was involved in pump and dump stock fraud and made many investors lose their money.
In December 1996, the NASD permanently expelled Stratton Oakmont and barred Porush, as well as fined him $250,000, this action made Porush lose a lot of his net worth. Porush claimed that he was only “a figurehead” but the NASD rejected his claim.
Following an FBI investigation, Porush and Belfort pleaded guilty to 10 counts of securities fraud and money laundering in 1999. The two cooperate with the FBI so they get their sentences reduced.
Porush was sentenced to four years in prison and ordered to pay $200 million in restitution. This order decreased Porush’s net worth dramatically. After only 39 months he got released on probation in 2004.
Porush didn’t learn from his mistake, after getting out of prison, he became involved with a Boca Raton, Florida-based medical supply and medical equipment company. The company was operating under the names Med-Care Diabetic & Medical Supplies, Christian Diabetics, and the Christian Healthcare Network. Danny Porush’s net worth Starts growing again.
Stop Scams Act of 2014
This company was the subject of a congressional hearing on Medicare fraud in April 2013. One year later Porush’s involvement with Med-Care was cited as the reason for a portion of the federal “Stop Scams Act of 2014” which would require Medicare providers to disclose their ownership interests.
According to the company attorney, the Centers for Medicare & Medicaid Services had been informed and had previously reviewed, and approved, Porush’s role with the company.
Federal Court Lawsuit
Later that year, five personnel of the company including Porush were named in a whistleblower lawsuit alleging fraudulent Medicare claims, which later on was dismissed in federal court for lack of specific proof.
The lawsuit was refiled again when the initial whistleblower was joined by two more former Med-Care employees alleging the company defrauded the federal government. The lawsuit was accepted for federal court.
Porush was using high-pressure sales tactics to push the citizens to accept medical supplies they may not want nor need. On January 14, 2015, Federal Bureau of Investigation (FBI) agents, Florida fraud department, and local police raided the offices of Med-Care Diabetic & Medical Supplies in Boca Raton and removed boxes of files.
In January of the same year, the attorneys for Med-Care filed a motion in court to disqualify the whistleblowers’ attorneys for professional conflict of interest.
Porush’s first wife is his cousin, Nancy, and they had three children together. They divorced in 2000. His second wife is Lisa Krause, together they have one child and four step-children. They live in Boca Raton, Florida. In 2006, Porush was sued by his first wife for failure to pay child support. Porush said that he owned no assets and that everything belonged to his second wife.
Daniel Porush is the co-founder of Stratton Oakmont and the business partner of Jordan Belfort, the real Wolf of wall street. He was also involved in pump and dump stock fraud with Belfort. Daniel Porush spent 39 months in prison and was ordered to pay $200 million in restitution.
Porush didn’t learn from his mistake, he is now working with a medical supplies company. In 2014 he was involved in a case that required the Medicare providers to disclose their ownership interests. Later that year he was named in a whistleblower lawsuit alleging fraudulent Medicare claims with five other personnel of the Med-Care company.
As of 2021, Danny Porush’s net worth is estimated to be around $12 million.