Joel N. Ward

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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.[1]

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.[2][3][4][5][6] By 2005, Ward was handling more than $7 million in investors' funds.[1]

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."[1] In a handwritten confession that Ward gave his wife and that was later given to the FBI, Ward wrote of much personal distress and even the possibility of taking his own life over his guilt. In that context, he wrote that he "felt like a financial serial killer” and “just another scumbag con artist bilking old people out of their retirement money.” [7] 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). He is awaiting sentencing. Separately, Ward is alleged to have defrauded investors in a Mississippi real estate project.[7]

In an unusual move, Ward and some his victims have asked the Judge to allow him to remain out of prison in order to trade currencies so that he can repay his victims.[1]

[edit] See Also

[edit] Source

Craig Karmin, "How a Money Trader Went Bad", Wall Street Journal, 2008-01-12 Page B1

[edit] References

  1. ^ a b c d Karmin, Craig. "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, January 12, 2008. Retrieved on 2008-01-12. 
  2. ^ Market Watch Articles Quoting Ward [1]
  3. ^ Chavez, Gertrude. "FOREX-Dollar drops as bearish sentiment persists", Reuters, Reuters Group plc, May 12, 2006. Retrieved on 2008-03-10. 
  4. ^ Chavez, Gertrude. "FOREX-Dollar pressured by concerns about China reserves", Reuters, Reuters Group plc, November 11, 2006. Retrieved on 2008-03-10. 
  5. ^ Garnham, Peter. "FX gamblers geared to win (or lose)", Financial Times, The Financial Times Ltd, May 17, 2006. Retrieved on 2008-03-10. 
  6. ^ Carrel, Lawrence. "More Currency EFTs to Debut", SmartMoney, Hearst Corporation with Dow Jones & Company, June 21, 2006. Retrieved on 2008-03-10. 
  7. ^ a b Salcedo, Yesina. "Forex Crackdown, CFTC Steps Up", Futures, Highline Media, May 1, 2007. Retrieved on 2008-01-13.