‘The Wolf of Wall Street’ Jordan Belfort still owes defrauded investors $97.5 million

The wolf is at Jordan Belfort’s door.

It’s been almost 20 years since Belfort copped to securities fraud and money laundering in a stock scam Martin Scorsese later depicted in the hit film “The Wolf of Wall Street.”

Belfort, 55, ended up with a $110 million judgment on his head in the Brooklyn Federal Court case and he still owes defrauded investors about $97.5 million, court papers show.

Now prosecutors want to garnish money or property they say a company owes to a Belfort-linked entity. Court papers don’t get into how much Delos Living LLC may owe JB Global Holdings, where Belfort is a principal. But prosecutors say they want Belfort’s share of it, a writ of continuing garnishment filed Friday says.

Belfort’s lawyer declined to comment.

Bejiing China

Top 30 Chinese firm profits reached £1.4bn in 2016

The combined net profits of the top 30 highest-grossing Chinese law firms reached £1.4bn (RMB12.66bn) last year, The Lawyer China Top 30 2017 report reveals.

In an industry first, this year’s The Lawyer China Top 30 report – which will be available exclusively to purchase online on Monday 2 October – is able to shed rare light on the top 30 Chinese firms’ profitability. In the past three years, the report’s analytics were largely based on firm’s headcount and revenue figures.

Against an even richer set of data and more quantifiable results, the data shows the so-called red circle, a group of eight prestigious firms, outperform the rest of the Top 30.

The Lawyer first coined the “red circle” term in its first China Top 30 report in 2014. The group consists of Commerce & Finance, Fangda Partners, Global Law Offices, Haiwen & Partners, Jingtian & Gongcheng, JunHe, King & Wood Mallesons (China), JunHe and Zhong Lun.

Since then, it has gained wide popularity within the Chinese legal community as well as law graduates when it comes to recruitment. The “red circle” refers to a group of eight Chinese law firms that are perceived as prestigious or high-quality, similar to the magic circle firms in the UK and white-shoe firms in the US.

Although their sizes vary largely, as revenue range from RMB2.48bn to RMB280m and total number of lawyers range from 1,402 lawyers to 120 lawyers, this group has much higher average revenue per lawyer (RPL), revenue per equity partner (RPP) and profit per equity partner (PEP) compared to their top 30 rivals (see table below).

By RPL, the red circle firms’ average stood at RMB2.33m, more than double the average of the rest 22 firms in the top 30. By PEP, the red circle scored an average of RMB6.5m last year, also doubling the other 22 firms’ average figure.

However, two firms outside of the conventional red circle group, Beijing-based Han Kun and Shanghai-based LLinks, stand out from the crowd having exceeded the red circle threshold across the RPL, RPP and PEP metrics.

As a matter of fact, Han Kun has claimed the top spot as the most profitable firm in China, with an estimated profit per equity partner of RMB9.6m (£1.07m). This would put the firm in the 10th place by PEP in the UK. According to 2017 The Lawyer UK 200 research, UK firm Travers Smith posted a PEP of £970,000 in 2016/17 while Michcon de Reya’s PEP was £1.1m. They were ranked 10th and 9th respectively by PEP among the UK’s 200 largest firms. Han Kun is also ranked at the top by RPP, as each partner generated an average of 12.86m revenue in 2016.

Fangda, one of the conventional red circle firm, came second by PEP, which was estimated at RMB8.5m (£946,000). It is followed by Global Law Offices and Llinks. JunHe came fifth. Zhong Lun, Commerce & Finance, KWM, Haiwen & Partners and Jingtian & Gongcheng make up the rest of the top 10 firms with the highest PEP.

 

bil gates - expert business advice

There’s one thing in business we take for granted today, and Bill Gates predicted it in 1999

Bill Gates, the richest man in the world (or the second richest, for a bit), mostly dedicates his life these days to philanthropic deeds through the Bill and Melinda Gates Foundation.

However, back in 1999 Gates was all about the hustle, penning a number of books about business and the future. One such book, called Business @ The Speed of Thought, released in 1999, included a number of predictions about the future of business and technology, many of them were spot on. Read more

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Pound jumps as Bank of England hints at rate rise

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Members of the Bank’s nine-strong Monetary Policy Committee voted 7-2 to keep interest rates on hold at 0.25%. Read more

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Gide launches Iran offering through Gibson Dunn hire

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Pinsent Masons Launches Redundancy Consultation

Pinsent Masons has kicked off a redundancy consultation that puts all of its UK legal personal assistants (PA) at risk, with up to 100 jobs set to go.

The consultation was announced last week and is set to be completed by the end of November. Read more