Description :

Ferdinand Ward

Ferdinand Ward is an American fraudster who swindled $9 million by a Ponzi scheme during late 18th century. Ward started his own brokerage and banking firm in the year 1880 with first investment from the Marine national bank. He brilliantly used his contacts and befriended Ulysses.S.Grant Jr. who was the son of Ulysses.S.Grant, the former President of America. He then convinced both Grant Jr. and his father to invest and partner in his firm and eventually changed his brokerage name to Ward and Grants banking and brokerage firm which popularized him much more and increased the investments of his firm.

He lured the investors by assuring them that he had contacts inside the government to take over government projects. His firm eventually collapsed with Grants, Marine National bank and other investors in the year 1884. Ward was indicted on court for his brokerage fraud and money laundering for which he showed no remorse by stating, "Rob Peter to pay Paul" to the jury. He was sentenced to 10 years of prison in the year 1884 but was later released after six years with his connections to the government.