Red Granite is fully financing the $85m true-life account of trader Jordan Belfort’s debauched rise and tumultuous fall and has set Martin Scorsese to direct and Leonardo DiCaprio (pictured) to play the lead.

It is understood the Oscar nominated Hill will play Belfort’s right-hand man Danny Porush. DiCaprio will portray Belfort, upon whose memoir the film project is based.

Red Granite plans to hold off on pre-sales until more elements are in place. Domestic buyers are circling.

Principals Riza Aziz and Joey McFarland will produce with DiCaprio through his Appian Way, Scorsese and Emma Koskoff through their Sikelia Productions and Alexandra Milchan of EMJAG Productions. 

Irwin Winkler and Georgia Kacandes will serve as executive producers and production is scheduled to start in New York in August.