A stockbroker who worked at the brokerage depicted in Martin Scorsese's The Wolf of Wall Street has filed a $25m (£15m) lawsuit against the producers of the Oscar-nominated black comedy for allegedly portraying him as a depraved criminal with an appetite for drugs and sex.

Andrew Greene says he is the inspiration for the character of Nicky "Rugrat" Koskoff, a figure who finds himself the butt of myriad jokes riffing off his unfortunate hairpiece in Scorsese's film, and he has claimed libel.

Greene says he worked at Stratton Oakmont, the discredited Long Island brokerage founded by Jordan Belfort, between 1993 and 1996, latterly as head of the firm's corporate finance department and a member of the board of directors. He was reportedly nicknamed Wigwam, not Rugrat. In Belfort's memoir, which formed the basis of Terence Winter's script, Greene is mentioned regularly under his real name.

"The motion picture contains various scenes wherein Mr Greene's character is portrayed as a criminal, drug user, degenerate, depraved, and/or devoid of any morality or ethics," the lawsuit reads. "Greene's character is shown doing cocaine on company premises, during business hours, in another scene. The motion picture included other scenes depicting Mr Greene's character in a reckless and depraved manner, including more than one scene wherein his character is depicted having sexual relations with a prostitute." But Greene says he does not recognise the portrayal of himself as a drug-fuelled "degenerate" with a penchant for prostitutes and cocaine.

The character of Koskoff is far from flattering: he is referred to as "that wig-wearing faggot" by Donnie Azoff (Jonah Hill) and as an "irresponsible little prick" by Belfort (Leonardo DiCaprio), with both characters suggesting they wanted to kill him.

Greene says The Wolf of Wall Street "permanently damaged" him by portraying him as a "criminal and drug user with misogynistic tendencies". The Hollywood Reporter, which first broke the story of the suit, notes that a similar legal battle erupted in 2010 over director Kathryn Bigelow's war drama The Hurt Locker ahead of that year's Academy Awards ceremony. That lawsuit, by a soldier who claimed to be the film's inspiration, is still making its way through the US court system.

The Wolf of Wall Street is up for five Oscars on 2 March, including best director for Scorsese and best film. It has been the most controversial film of the awards season, falling foul of animal rights advocates, victims of financial fraud and disability rights groups. It is also the director's most successful film at the box office, with a current haul of $336m worldwide.

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