Tag: theft

Money, money, money… money.

“Oyefeso is one of the most high-profile figures of an internet subculture that reveres Jordan Belfort and has taken his Wolf of Wall Street persona to social media. Posing as ultra-wealthy kids and posting internet memes taken from the movie, its followers aggressively sign up young people to what looks like an international pyramid scheme that has helped to generate billions of pounds for large companies selling highly risky financial trading products.” -Symeon Brown

---

Fake it till you make it: meet the wolves of Instagram
by Symeon Brown
The Guardian
April 19, 2018

Their hero is Jordan Belfort, their social media feeds display super-rich lifestyles. But what are these self-styled traders really selling?

The original Wolf of Wall Street, Jordan Belfort, was a rogue trader convicted of fraudulently selling worthless penny stocks to naive investors. His biopic, starring Leonardo DiCaprio as the ostentatious, money-obsessed huckster, was a box-office hit in 2013. Although it may have been intended as a cautionary tale, to thousands of young millennials from humble backgrounds, Belfort’s story became a blueprint for how to escape an unremarkable life on low pay.

Within months of the Wolf of Wall Street’s UK premiere in January 2014, a stocky 21-year-old named Elijah Oyefeso from a south London housing estate, began broadcasting on social media how much money he was making as a stock-market whizzkid. His thousands of young followers were desperate to do the same. As Oyefeso’s online fame grew, he caught the attention of TV producers. In January 2016, Oyefeso was featured in the Channel 4 show Rich Kids Go Shopping, in which he bought expensive jumpers to give to homeless people and showed viewers how easy it was to make stock trades online.

Even before Oyefeso’s appearance on mainstream TV, his story had already gone viral. British tabloids, including the Daily Mail, the Evening Standard and the Mirror, as well as a host of online magazines targeted at young men, all ran pieces about his success. The Mail headline described him as a university dropout who supposedly used his student loan to start trading financial products online and “now claims he earns £30,000 on a BAD month – by working just ONE HOUR a day”.

It’s an image of self-made wealth and ridiculous luxury, and one that Oyefeso has intensively cultivated online. The videos on his almost comedic YouTube channel, which have hundreds of thousands of views, feature him buying £250,000 cars and boarding private jets as nonchalantly as others his age might hail an Uber. His Instagram, which regularly shows him posing next to a blue and silver Rolls-Royce, describes him as the founder of DCT, his trading firm. DCT stands for “Dreams Come True”.

“I’m never going to work for someone,” Oyefeso says in one of his videos, in a somewhat cartoonish, nasal voice, while he drives his Rolls dressed in a bathrobe. “Look what I’ve built: a foundation. A brand.” Read more