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 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 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.
Ponzi 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, 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.[2] 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 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,[3] Thomas Nast, and many other investors. Despite the elder Grant taking out a $150,000 personal loan from his friend William H. Vanderbilt, the collapse was irreversible, and the securities lost. Ward himself fled. 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".[4]
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 to gain back his wealth to no avail, pursuing legal avenues but also orchestrating a failed kidnapping attempt of Clarence.[5] In 1894, Ward married Isabella Ward, née Storer, and soon afterwards faded into relative obscurity, although he occasionally commented on the collapse of Grant & Ward and Ulysses S. Grant.[6] He died in 1925 at the age of 74, and his wife died one year later.
Ward's grandson, F. Champion Ward, was a vice president at the Ford Foundation, and his 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.
^Magazine, Smithsonian; King, Gilbert. "War and Peace of Mind for Ulysses S. Grant". Smithsonian Magazine. Retrieved November 27, 2022.
^"Con Man". The American Scholar. June 1, 2012. Retrieved January 18, 2021.
^Kelsey, Marie. "CSSLibraryGuides: Ulysses S. Grant Information Center: His Tragic Death". libguides.css.edu. Retrieved November 27, 2022.
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. ISBN978-0-679-44530-2. (The author is his subject's great-grandson.)
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.)
January 07, 2023
ferdinand, ward, ferdinand, wilton, ward, 1851, 1925, known, first, young, napoleon, finance, subsequently, best, hated, united, states, american, swindler, collapse, ponzi, scheme, caused, financial, ruin, many, people, including, famous, persons, such, thoma. 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 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 Ferdinand WardBorn1851 1851 Geneseo New York U S Died1925 aged 73 74 New York City U S Resting placeGreen Wood Cemetery Brooklyn New York U S OccupationSwindlerKnown forOrchestrating a large scale Ponzi SchemeSpousesElla Champion Ward m 1877 d 1890 wbr Isabella Ward m 1894 wbr Children1 Contents 1 Background 2 Ponzi scheme 3 Later years 4 References 5 Bibliography 6 External linksBackground EditWard was born 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 nee Green in 1877 he was able to use her family s wealth for his advantage Ponzi scheme EditIn 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 2 Eventually Ward gained the trust and investments of Grant Jr whose name he attached to his own firm now called Grant amp 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 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 3 Thomas Nast and many other investors Despite the elder Grant taking out a 150 000 personal loan from his friend William H Vanderbilt the collapse was irreversible and the securities lost Ward himself fled 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 4 Later years EditDuring 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 to gain back his wealth to no avail pursuing legal avenues but also orchestrating a failed kidnapping attempt of Clarence 5 In 1894 Ward married Isabella Ward nee Storer and soon afterwards faded into relative obscurity although he occasionally commented on the collapse of Grant amp Ward and Ulysses S Grant 6 He died in 1925 at the age of 74 and his wife died one year later Ward s grandson F Champion Ward was a vice president at the Ford Foundation and his great grandson Geoffrey C Ward is an author and wrote the book A Disposition to be Rich about his great grandfather in 2013 References Edit 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 Magazine Smithsonian King Gilbert War and Peace of Mind for Ulysses S Grant Smithsonian Magazine Retrieved November 27 2022 Con Man The American Scholar June 1 2012 Retrieved January 18 2021 Kelsey Marie CSSLibraryGuides Ulysses S Grant Information Center His Tragic Death libguides css edu Retrieved November 27 2022 Bibliography EditWard 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 amp Co 1981 490 493 Roberts Russell The Wall Street Scandal of Grant and Ward Financial History 81 Spring 2004 13 15 External links EditReview 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 Retrieved from https en wikipedia org w index php title Ferdinand Ward amp oldid 1124243014, 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