Is it true that the this movie is loosy based on Wolf of Street?

Its inspired by the story of Jordan Belford and the firm he ran, but its not based on Wolf of Wall Street since this movie came out 13 years before the latter.

it is inspired by Stratton Oakmont founded by Jordan Belford. Not much more.

Jordan Belfort said this is the worst representation of Stratton Oakmont he's ever seen

This weekend I did a "Stratton Oakmont" marathon by watching both films. And honestly, even though I enjoyed both, I actually think Boiler Room was the better film. The Wolf of Wall Street was entertaining but it seems like Scorcese almost intentionally stopped the story when Belfort was starting to get into the details of his pump and dump scheme. I mean, Belfort literally stops speaking in the middle of his explanation of the scam. I was hoping for a true 'Wall Street' film that people who are familiar with the market could get into. But Wolf focused on drugs, sex and other debauchery more than Wall Street intrigue. And, as has been pointed out in several reviews, Boiler Room shows what happens to the victims of the firm's scams. Unfortunately, it seems like a lot of guys are walking away from Wolf admiring Belfort and wanting to be like him. But I guess that's just how Scorcese flicks usually go, in the same way Goodfellas makes young guys want to be gangsters.

I read someone's comment that BOILER ROOM is actually about another defunct boiler room brokerage, Sterling Foster, which was operating simultaneously with Stratton Oakmont.

http://money.cnn.com/2002/10/30/news/sterlingfoster_sentence/

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Yeh Boiler Room reflects the early days of Stratton Oakmont.

It's partly based on Jordan Belfort, but also based on Continental Broker Dealer Corp, which was actually located in the offices used in the movie.