Kamis, 03 Juli 2008

Forex Guru Gets Sent To Jail

Forex guru Joel Ward, 49, out of Turlock will be spending the next nine years of his life behind bars at a federal prison. Ward has been tried and found guilty of conning close to 100 investors out of $11 million. A commentator and seminar speaker on Forex trading, the scam he masterminded was operated though an investment fund called the Joel Nathan ForexFund. Over a three year period – 2003 through 2006 – Ward took $15 million from investors who believed the company was legitimate. 85% of that amount was used to promote Wards business, travel, salary, and the purchase of a Forex school in Sacramento.

About $3.7 million was used to make ‘Ponzi’ payments to investors who withdrew their funds from the bogus operation. The rest of the money that Ward bilked was lost over the last two years on foreign exchange market trading. The scam has hidden behind false account statements that were send to the investors, who were conned with a second scheme that related to a Mississippi real estate investment project.

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