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Belfort was involved in several accidents due to his drug use, including crashing his helicopter into his own yard and sinking his yacht—which once belonged to designer Coco Chanel—while under the influence. His addiction also contributed to the break-up of his second marriage. Belfort encouraged reckless behavior in his employees, as well. The employees were also urged to live by the motto, "Don't hang up until the customer buys or dies. Securities and Exchange Commission sought to end Stratton Oakmont's shady stock operation in , claiming that the company had defrauded investors and manipulated stock prices.
Two years later, Belfort found himself out of the brokerage business. Stratton Oakmont had reached a settlement with the SEC, which included a lifelong ban from working in the securities industry for Belfort and a fine for the company.
More legal woes followed for Belfort and his company. The National Association of Securities Dealers ejected Stratton Oakmont from its association in , and the company was ordered to be liquidated to pay off its numerous fines and settlements the following year. In , Belfort pleaded guilty to securities fraud and money laundering. He cooperated with authorities in an effort to shorten his prison sentence.
He served 22 months in jail, where he developed an interest in writing. Comedian Tommy Chong, one of Belfort's cellmates during this time, encouraged the former stockbroker to write about his experiences.
He was a favorite among the press, who loved to chronicle his changing tastes and social life. Lagerfeld kept company with other major stars, including his good friend Andy Warhol.
During his career he developed a sort of hired gun reputation for jumping from one label to the next, and also put together a track record of success that few designers can match. At Chanel in the early s he did what few thought possible: He returned what was perceived to be a near-dead brand back to life with a revamped ready-to-wear fashion line.
Around that time Lagerfeld launched his own label, in , which he built around the idea of what he described as "intellectual sexiness. In Lagerfeld sold the label to Tommy Hilfiger.
Lagerfeld, whose work crossed over into film and photography, continued to maintain a busy schedule. In he designed a line of glassware for the Swedish company Orrefors and signed on to create a new clothing collection for Macy's. In he opened up his first Karl Lagerfeld store in Doha, Qatar. Death Lagerfeld began slowing down as he advanced into his mids. He sparked concern by not appearing at the end of his Chanel shows in Paris in early , a development the house attributed to his being "tired.
His unrivaled contribution to the fashion industry changed the way women dress and perceive fashion. He inspired generations of young designers and will continue to do so. If you see something that doesn't look right, contact us! Citation Information.