Joel N. Ward

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.cite news
last =Karmin | first =Craig
title =How a Money Trader went Bad; Bets on Currency Prices Become 'Fraud du Jour' Amid Regulatory Holes
work =The Wall Street Journal, reprinted at www.jamaica-gleaner.com
page =
publisher =Dow Jones and Company
date =January 12, 2008
url =http://www.jamaica-gleaner.com/gleaner/20080120/business/business3.html
accessdate =2008-01-12]

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. [Market Watch Articles Quoting Ward [http://www.marketwatch.com/search/?value=joel%20ward] ] cite news
last =Chavez | first =Gertrude
title =FOREX-Dollar drops as bearish sentiment persists
work =Reuters
page =
publisher =Reuters Group plc
date =May 12, 2006
url =http://www.global-view.com/forex-trading-tools/research/index.html?nid=5299
accessdate =2008-03-10] [cite news
last =Chavez | first =Gertrude
title =FOREX-Dollar pressured by concerns about China reserves
work =Reuters
page =
publisher =Reuters Group plc
date =November 11, 2006
url =http://www.gviforex.com/research/index.html?nid=6758
accessdate =2008-03-10] cite news
last =Garnham | first =Peter
title =FX gamblers geared to win (or lose)
work =Financial Times
page =
publisher =The Financial Times Ltd
date =May 17, 2006
url =http://www.ft.com/cms/s/0/e44487aa-b5f9-11da-9cbb-0000779e2340.html
accessdate =2008-03-10] cite news
last =Carrel | first =Lawrence
title =More Currency EFTs to Debut
work =SmartMoney
page =
publisher =Hearst Corporation with Dow Jones & Company
date =June 21, 2006
url =http://www.smartmoney.com/etffocus/index.cfm?story=20060621
accessdate =2008-03-10] By 2005, Ward was handling more than $7 million in investors' funds.

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." 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.” cite news
last =Salcedo | first =Yesina
title =Forex Crackdown, CFTC Steps Up
work =Futures
page = | publisher = Highline Media
date =May 1, 2007
url =http://www.futuresmag.com/cms/futures/monthly%20issues/Issues/2007/05/Editorial/News/200705news3
accessdate =2008-01-13] 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.

ee also

* Foreign exchange market
* Forex scam

ource

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

References