Ferdinand Ward: Swindler, Fraud, Gold Digger, 'Young Napoleon of Wall St' 'Best Hated Man in the US'
(Wiki) Ferdinand De Wilton Ward, Jr. (1851–1925), known first as the "Young Napoleon of Finance," and subsequently as "the Best-Hated Man in the United States," was an American swindler. The collapse of his Ponzi scheme caused the financial ruin of many people, including famous persons such as Thomas Nast and the former U.S. President Ulysses S. Grant, who had joined his son, Ulysses S. "Buck" Grant. Jr., as a partner in Ward's banking business. Heavy losses were incurred by many other members of the extended Grant family.
Ward was born in 1851 in Geneseo, New York, to Jane Ward and Reverend Ferdinand De Wilton Ward, who had been missionaries in India. He had a younger brother. In 1873, Ward moved to New York City, and was a clerk at the Produce Exchange. Soon after his move, he stole money from a Sunday School and laundered it through a bank, substantially improving his situation. After marrying an heiress, Ella Champion Ward, née Green, in 1877, he was able to use her family's wealth for his advantage.
In 1880 he established his own banking and brokerage firm. One of the first investments in his firm came from James D. Fish, president of the Marine National Bank, who continued colluding in Ward's swindle until its collapse. Ward also came into contact with Ulysses S. "Buck" Grant, Jr., the son of former president Ulysses S. Grant, as his brother was a roommate of Grant Jr. at Columbia University. Eventually, Ward gained the trust and investments of Grant, Jr., whose name he attached to his own firm, now called Grant & Ward. Ward ran the company as a Ponzi scheme, claiming that he had inside access to government contracts, a claim which gained further credence when the former president later joined the firm as a full partner after investing $100,000 into the firm.
Ward used the same securities over and over again as collateral against loans and paid off older investors with money raised from newer ones, along with paying investors high interest on investments.
Some investors, such as the Grants, kept most of their funds in the firm, receiving 2-3% profits per month. While his fraudulence remained undetected, Ward found great success, gaining $9 million, a brownstone in New York, and a palatial 25-acre estate in Connecticut. The Grants also gained wealth through the elaborate scheme, which gave Ward the nickname "The Young Napoleon of Wall Street". However, the scheme eventually collapsed on May 4, 1884, bankrupting the Grants, The Marine National Bank, Thomas Nast, and many other investors, and starting the Panic of 1884.. During his trial, Ward showed no remorse for his actions, explaining that he had to "rob Peter to pay Paul"...More, https://en.m.wikipedia.org/wiki/Ferdinand_Ward
--------
- Gold Digger, https://en.m.wikipedia.org/wiki/Gold_digger