Danny Porush Biography
Sun Sign: Aquarius
Also Known As: Daniel Mark Porush
Born in: Lawrence, New York
Famous as: Fraudster
Height: 1.75 m
Spouse/Ex-: Lisa Porush (m. 2000), Nancy Porush (m. 1986–2000)
education: Lawrence Woodmere Academy
Daniel Mark “Danny” Porush is an American businessperson and erstwhile stockbroker who, along with his friend and boss Jordan Belfort, conducted a "pump and dump" stock fraud scheme in the 1990s. After scamming their investors out of millions of dollars, Porush was apprehended and sent to prison for four years on securities fraud and money laundering charges. A native of Nassau County, New York, Porush grew up in an affluent family. He first attended Lawrence Woodmere Academy and later enrolled in Dickinson College and Boston University but did not complete his education. After leaving college, he was reportedly employed by various small businesses. He even set up a few himself. It was Porush’s wife who introduced him to Belfort sometime in 1986. Inspired by Belfort’s success, Porush decided to become a stockbroker as well. In 1989, they established their brokerage house, Stratton Oakmont. The firm drew the attention of the regulatory authorities soon after its inception. After their arrest, both Porush and Belfort pleaded guilty and turned in their colleagues in exchange for a sentence reduction. Porush was released in 2004 and subsequently joined a medical supply and medical equipment company in Boca Raton, Florida, which was investigated by federal authorities.
- After leaving school, Porush found work at various small businesses. He even ran several businesses of his own. His wife, Nancy, became acquainted with Belfort first. At the time, Belfort was already a successful stockbroker. As for Porush, he was running a private ambulette business. Nancy encouraged him to speak to Belfort. He did and was immediately convinced that he should also become a stockbroker. He successfully took the Series 7 examination to acquire his stockbroker’s license and subsequently joined the company where Belfort was employed.Porush started making a significant amount of money soon after. In 1989, he and Belfort set up Stratton Oakmont in Long Island, New York. Initially a franchise of Stratton Securities, it was an “over-the-counter" (OTC) brokerage house. Belfort served as the chairman and Porush held the position of the president. They would later purchase the entire company from the original founder.Stratton Oakmont operated like a “boiler room” and Porush and Belfort made most of their money by marketing penny stocks and scamming their investors with the "pump and dump" type of stock sales. They both led lavish lifestyles, purchasing expensive things, indulging in recreational use of drugs, and hiring prostitutes.Since its inception, the organization had been at the receiving end of multiple disciplinary actions by the National Association of Securities Dealers (NASD) and Securities and Exchange Commission (SEC). It was eventually concluded that Stratton Oakmont was committing pump and dump stock fraud. Porush was barred and was told to pay a $250,000 fine. In 1999, after a federal indictment, Porush was sentenced to four years in jail. However, in 2004, he was let out on probation after 39 months.Not long after his release, Porush joined a company in Boca Raton, Florida, which reportedly functioned under several names, including Med-Care Diabetic & Medical Supplies. Med-Care has been the subject of government and public actions such as a congressional hearing in April 2013.Recommended Lists:
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- Danny Porush was born in February 1957 in the USA. He grew up in a Jewish household in Lawrence, Nassau County, New York. His father was a doctor. He studied at Lawrence Woodmere Academy before enrolling in Dickinson College. He later attended Boston University but dropped out sometime before graduation.Porush married his first wife, who is also apparently his first cousin, Nancy, in 1986. According to Nancy, they met in 1984 at a black-tie party. At the time, he had a bike-messenger business in the city. They soon fell in love and Porush requested Nancy to quit her job and join him in his company. Eventually, she agreed to do it.About a year after they began their relationship, Porush asked Nancy to marry him during their stay in a cheap upstate hotel. She said yes but had certain reservations and eventually cancelled the wedding. However, despite the split, they were still in contact. About seven months after the breakup, they reportedly got back together again. The wedding was conducted in January 1986. They have three children together, including sons Jon Porush and Blake Porush. He was still married to Nancy when he was arrested for the first time during the US Labour Day weekend of 1997. However, in April 1998, after he was released from the police custody, Porush informed Nancy that he was in love with another woman who was already pregnant with his child. He also told her that he wanted a divorce.After their divorce was finalised, Porush married his mistress, Lisa Krause, in 2000. They have one son together. Porush is also the stepfather to her four children from previous relationships, including Michael Krause and Blake Krause.In Martin Scorsese's ‘The Wolf of Wall Street’ (2013), Porush is the inspiration behind the character Donnie Azoff (Jonah Hill).
How To CiteArticle Title- Danny Porush BiographyAuthor- Editors, TheFamousPeople.comWebsite- TheFamousPeople.comURL- https://www.thefamouspeople.com/profiles/danny-porush-43504.phpLast Updated- January 17, 2019
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