Joel Nathan Ward (1959 -) was a foreign currency trader, who has confessed to fraud and money laundering and is awaiting sentencing.
Ward was born in Modesto, California. He graduated from high school a year early, and worked in a series of jobs, including his father’s construction firm. In the early 1990’s he worked for an estate planning firm, where he became interested in foreign currency trading.
Ward learned to trade foreign currencies through a Sacramento, California forex school in late 1999. In 2003 he began teaching forex trading at the same school, named Learn:Forex. In March 2003, he launched the Joel Nathan Forex Fund (JNF), with $300,000 of investors’ funds. In late 2004, Ward purchased the Learn:Forex school, and began speaking at investing conventions.
He gained some celebrity in financial markets, especially the foreign exchange market. Market Watch, the Wall Street Journal and other print and online news services publicized Ward’s weekly comments on the forex exchange market.
In August 2006, Washington Mutual Bank contacted the authorities with suspicions about Ward’s banking activities. In November 2006 Ward emailed his investors, “There are no funds left in JNF as all monies have been misappropriated.” He was later divorced.
In August 2007, Ward pleaded guilty to nine felony counts, including fraud and money laundering. The U.S. Attorney’s office claims Ward defrauded more than 100 clients out of more than $11 million (subject to forensic audit). Separately, Ward is alleged to have defrauded investors in a Mississippi real estate project..
Ward was sentenced to a 9-year prison term with a scheduled release date of February 24, 2016. “Joel Nathan Ward earned every minute of the nine-year sentence the court imposed. He brazenly defrauded scores of victims out of over $11 million,” stated US Attorney Scott. Several victims spoke during the sentencing hearing, telling the judge about the financial devastation caused by Ward’s conduct, and their hopes for restitution. In sentencing Ward today, Judge Burrell stated that WARD “defrauded many people. He caused losses over $11 million, and many investors suffered devastating losses.” Ward was also ordered to pay restitution in the amount of $11,275,501.53 and to serve three years of supervised release after the completion of his prison sentence. He was remanded into custody immediately following the sentencing hearing.
The defendant had proposed that he be allowed to remain out of prison while he attempted to generate funds to repay investors. In rejecting that plan, Judge Burrell stated that the “magnitude of his crimes, the manner in which the economic crimes were committed and concealed, and the duration of the criminal activities” required a lengthy prison sentence.
See also
- Foreign exchange market
- Forex scam
Source
Craig Karmin, “How a Money Trader Went Bad”, Wall Street Journal, 2008-01-12 Page B1
References
- ^ a b c d Karmin, Craig (January 12, 2008). “How a Money Trader went Bad; Bets on Currency Prices Become ‘Fraud du Jour’ Amid Regulatory Holes”, The Wall Street Journal, reprinted at www.jamaica-gleaner.com, Dow Jones and Company. Retrieved on 2008-01-12.
- ^ Market Watch Articles Quoting Ward
- ^ Chavez, Gertrude (May 12, 2006). “FOREX-Dollar drops as bearish sentiment persists”, Reuters, Reuters Group plc. Retrieved on 2008-03-10.
- ^ Chavez, Gertrude (November 11, 2006). “FOREX-Dollar pressured by concerns about China reserves”, Reuters, Reuters Group plc. Retrieved on 2008-03-10.
- ^ Garnham, Peter (May 17, 2006). “FX gamblers geared to win (or lose)”, Financial Times, The Financial Times Ltd. Retrieved on 2008-03-10.
- ^ Carrel, Lawrence (June 21, 2006). “More Currency EFTs to Debut”, SmartMoney, Hearst Corporation with Dow Jones & Company. Retrieved on 2008-03-10.
- ^ a b Salcedo, Yesina (May 1, 2007). “Forex Crackdown, CFTC Steps Up”, Futures, Highline Media. Retrieved on 2008-01-13.
Retrieved from “http://en.wikipedia.org/wiki/Joel_N._Ward”
Categories: 1959 births • Living people • Currency traders • Transportation occupations • American white-collar criminals • American money launderers