Ferdinand Ward
Ferdinand Ward | |
|---|---|
 | |
| Born | 1851 Geneseo, New York, U.S. |
| Died | 1925 (aged 73–74) New York City, New York, U.S. |
| Resting place | Green-Wood Cemetery, Brooklyn, New York, U.S. |
| Occupation | Swindler |
| Known for | Orchestrating a large-scale Ponzi Scheme |
| Spouse(s) | Ella Champion Ward
(m. 1877; d. 1890)Isabella Ward (m. 1894) |
| Children | 1 |
| Parent(s) | Ferdinand De Wilton Ward Jane Ward |
Ferdinand De Wilton Ward, Jr. (1851–1925), known first as the "Young Napoleon of Finance,"[1] and subsequently as "the Best-Hated Man in the United States," was an American swindler. The collapse of his pyramid 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 helped him start his banking business.
Background[]
Ward was born in Geneseo, New York, to Jane Ward and her husband 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.
Pyramid scheme[]
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. 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.[2] Eventually, Ward gained the trust and investments of Grant, Jr. and the president, whose names 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. However, he did not, and used the same securities over and over again as collateral against loans.
Despite the fraudulent nature of his scheme, 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 in 1884, bankrupting the Grants, The Marine National Bank,[3] Thomas Nast, and many other investors. Ward was brought before the New York Supreme Court, found guilty of fraud, and sentenced to ten years in prison. During his trial, Ward showed no remorse for his actions, explaining that he had to "rob Peter to pay Paul".
Later years[]
During his time in prison at Sing Sing, Ward lived fairly comfortably through his connections, and was released after serving only six years. While he was imprisoned, his wife, Ella, willed her entire estate to the support, education, and maintenance of her son Clarence until he turned 25. Ella died in 1890, and the inheritance moved to Clarence, who moved in with Ella's family. This move deprived Ward of much of his wealth.
After his release, Ward attempted gain back his wealth to no avail, pursuing legal avenues but also orchestrating a failed kidnapping attempt of Clarence.[4] In 1894, Ward married Isabella Ward, née Storer,[5] and soon afterwards faded into obscurity. He died in 1925 at the age of 74, and his wife died one year later.
Ward's great-grandson, Geoffrey C. Ward, is an author and wrote the book A Disposition to be Rich about his great-grandfather in 2013.
References[]
- ^ "Son's Gems Claimed By Ferdinand Ward" (PDF). New York Times. April 6, 1909.
- ^ McShane, Julianne. "Family guile: Historian discusses his criminal ancestor • Brooklyn Paper". www.brooklynpaper.com. Retrieved January 18, 2021.
- ^ "N.Y. Supreme Court, the Marine National Bank of New York against Ferdinand Ward, Ulysses S. Grant and Others V. 1". heinonline.org. Retrieved January 18, 2021.
- ^ "Con Man". The American Scholar. June 1, 2012. Retrieved January 18, 2021.
- ^ "Ferdinand W Ward (1851-1925) - Find A Grave..." www.findagrave.com. Retrieved January 18, 2021.
Bibliography[]
- Ward, Geoffrey C. (2012), A Disposition to Be Rich: How a Small-Town Pastor's Son Ruined an American President, Brought on a Wall Street Crash, and Made Himself the Best-Hated Man in the United States. New York: Alfred A. Knopf. ISBN 978-0-679-44530-2. (The author is his subject's great-grandson.)
- McFeely, William. Grant: A Biography (NY: WW Norton & Co., 1981), 490–493.
- Roberts, Russell. "The Wall Street Scandal of Grant and Ward,” Financial History #81 (Spring, 2004), 13–15,
External links[]
- Review of "A Disposition to Be Rich" in the New York Times Sunday Book Review, June 29. 2012
- "Read All About Geneseo's Dirty Rotten Scoundrel" in the Livingston County News, May 16, 2012
- Ferdinand W Ward at Find a Grave
- Geoffrey Ward collection on Ferdinand Ward and the Ward family, 1825-2012. Manuscripts and Archives, New York Public Library. (Finding aid for research material collected by Geoffrey Ward while writing A Disposition to Be Rich.)
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