The film, still in pre-production, is based on Jordan Delfort's memoir about his meteoric rise and ignominious fall as a Wall Street trader. Delfort made millions, living of a life of the utmost extravagance only to succumb to drug and alcohol addiction.
Terence Winter, creator of "Boardwalk Empire" and a lead writer on "The Sopranos," adapted the book for the big screen.
Hill will play Danny Borush, a close friend of Delfont who is lured into the world of yachts, partying and shady business dealings. Known largely for comedy thanks to "Superbad," "Get Him to the Greek," Hill has actively pursued roles outside that Judd Apatow-style comedy comfort zone, including his turns in "Cyrus" and "Moneyball."
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Hill last appeared in the "21 Jump Street" remake and will appear this summer in Akiva Schaffer's "Neighborhood Watch", but "The Wolf of Wall Street" gives him another run at drama.
DiCaprio, whose involvement in the film was reported in February along with Scorsese's decision to direct, is starring as Delfort and producing under the Appian Way banner.
Red Granite Pictures, Sikelia Productions and EMJAG Productions are producing as well while Irwin Winkler and Georgia Kacandes are executive producing.
Production begins in August.