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FAIRFAX FRAUDSTER: The Ages pumps up convicted securities scammers’ speaking tour

jordanbelfortTonight, hundreds of people will pay good money to a convicted felon from the United States to hear the benefit of his unique insights in business.

Serial securities fraudster Jordan Belfort’s first series of scams was running a “boiler room” which is essentially a fake stock brokerage operation that sells shares in fake companies.

He was eventually sentenced to four years in jail, wrote a book, aptly called the “Wolf of Wall Street” and is currently on a world tour.

theagepage9You can’t keep a determined scammer down, it seems, as the price of admission starts at $297 and goes all the way up to $697.

And where did this charming piece of work, who fleeced investors of in excess of $200 million, choose to advertise this past week? With the ailing Fairfax Media group’s Sunday Age newspaper.

They can charge as much as $10,000 for a full-page ad, although the troubled Sunday Age is known to offer deep discounts to many advertisers, even those sent to jail for four years for conning their clients.

Of course, it’s not Fairfax’s first brush with fraud and promoting the activities of those who later came to achieve notoriety, often later denounced in the pages of their own publications.

Their Melbourne Times publication and the Sunday Age notoriously ran plenty of full-page ads of the legendary property spruiker Henry Kaye who taught his property investment students how to “pay wholesale” for properties by paying him above-market prices for his own developments.

While failing to refund the hundreds of thousands of dollars they made from Kaye’s now collapsed property seminars group, they did piously report on his fall from grace and subsequent court cases (unlike the American, Kaye was acquitted of all criminal charges).

Discussion

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  1. Will the Age keep the money from these adverts when fraud charges are laid or give the money back to fleeced families ?

    Posted by Anonymous | July 27, 2011, 19:50
  2. We’re not exactly short of local talent when it comes to scamming. Couldn’t the Age at least arrange an Australian support act?

    Posted by Gregoryno6 | July 27, 2011, 20:54
  3. Jordan Belfort aka the wolf of wall street had come from practically nothing from his early 20s to a multi millionare in his late 20s. What he teaches is his method to success. The boiler room was his downfall it wasnt what had made him successful in the first place.

    Posted by andreas | August 1, 2011, 2:28
  4. Ever thought of running business seminars yourself Andy?

    Posted by Rose Hancock | August 6, 2011, 1:17
  5. Considering what this once great newspaper has become, is anyone really surprised?

    Posted by political realist | August 7, 2011, 20:45
  6. I remember reading The Age in the late 1960’s as a teenager and it was a great read. The Age was a conservative and sensible paper until the Syme family list control and the Sydney Fairfax junkies started running it. Not only did it go to the left but the standards also declined

    Posted by Adrian Jackson | August 7, 2011, 20:55
  7. Wow. A newspaper runs an ad. This is news?

    Posted by Café Excello = Bad Coffee | August 16, 2011, 0:14

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