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[leesystems]

The same set of Government Agencies that allows some brokers to get away with stealing from traders has prosecuted this individual. There's [financial] statistics, and they can be bent and twisted to tell any story you want them to tell. "Borrowing against ones' own account" along with a lot of other things a solely owned entity can legally do; however, when you take an entity public, these and many more things are not legal and you are now subject to much more intrusive scrutiny. THIS is what nailed this person. I do not know, nor pretend to know enough to pass judgment on this case. So I ask, would you rather let this person trade on his own account in an attempt to repay, or would you trust those who prosecuted him? IF he was able to repay, he is vindicated. IF he can't trade himself out of the hole, then, yes, it appears as if the Feds were correct. BUT, however they twist 'the laws', they should not prevent him from trading on his own account even while in Club Fed. If the Feds do prevent him from trading on his own account, then the Feds are admitting they have a hollow case and are just stepping on the little guy for the benefit of the large corporations which run the Feds.... Don't believe for a nanosecond that the Feds protect the little guy, as evidenced in the home loan bail out that only helped the large corporate transgressors and still leaves the individual citizens under the large corporate predatory loan transgressors to foreclose through the predatory lending practices.....

[eam159]

He "borrowed" from the fund? Sounds illegal to me. Students place their trust in "gurus". Its a leap of faith to believe he can trade to pay back all those millions.

[rk302]

I'm actually a bit surprised that about 30% (more or less) of the posts here actually refer to what this guy did as bad judgment, a mistake, etc. The bottom line here is that he had a fiduciary responsibility to use the funds (entrusted to him by individuals) for investing purposes for THEIR benefit and nothing more...with his personal profits coming from the percentage commissions paid to him based on his performance. The moment he comingled funds he became a crook and, although I know nothing about this person, one that allowed his ego to overstep what he knew in his heart to be wrong. His "explanation" of why he did what he did just proves that he still doesn't think that he did anything wrong....that if left alone, he would have paid everyone back and his school would be afloat. Sorry pal...I don't buy it. And neither should anyone else. You're a criminal.

Sure, government policy and the court and penal system are screwed up (with rapists getting less than 9 years and financial institutions being bailed out while people have their homes forclosed upon). But it serves no one by not completely throwing the book at him (I think he should have gotten an even stiffer sentence, to send a message to others with fiduciary responsibilities.). Look, we all know that he is going to get out early based upon good behavior (another screwed up part of our system.) It should be a part of his parole/release that whatever endeavours he persues should be garnished to pay back those he ripped off. (Good luck waiting to see if that will happen.)

[AsstModerator]

Originally Posted by Teresa

Hi,

I just wrote a rather long post replying the the news about Joel Nathan Ward. Where is the post? Where, for that matter, is the forum?

This is the forum. We don't seem to have another post for you in this thread. It is possible that your computer logged you out before you posted the reply.

[yurps]

Fraud of any kind, for Forex or Immigration, should be punishable with the full extent of the law.

[briansnj]

I have no delusions about this case and no one else should either.

This was fraud - period.

I am a state licensed real estate agent in New Jersey. I have been in practice a long time. There are very strict rules about how we must operate and clearly defined rules as to how money may and may not be handled.

If I am even 1 day late with the deposit or return of a client's earnest deposit money, I could be suspended, lose my license and/or fined HEAVILY for that.
What amount of deposit sums are we talking about? Well, it might be as little as $5,000 and as much as $300,000. It all depends but I NEVER have direct access to a client's money or any bank accounts. Yet, I can still be punished seriously for any mistakes made. Yes, just mistakes, not blatant theft, fraud or misuse of MILLIONS of dollars.

Now Joel Nathan Ward was clearly responsible for directly and purposely mishandling his client's money with INTENT. He knew exactly why he needed the money, exactly how he was going to use the money and where to get the money from. A 'mistake' would have been accidentally depositing money into the wrong account, etc. There were multiple steps involved here folks. He did not just accidentally goof up.

To those of you who 'knew' him or attended his school, etc. I say shame on you for feeling bad for him or doubting he could do something like this with INTENT. I lived next to a guy for 13 years, knew every member of his family, etc. and never thought he would murder his wife - BUT HE DID. So please, do not assume you know someone that well when you had such limited exposure to him. You cannot read anyone's mind.

We are talking about MILLIONS of dollars here. Sums people may have spent a lifetime accumulating.

He should have no mercy or quarter given.

[MidasFX]

For me the real question is.... if someone, with all good intention, mistakenly or otherwise with intent, makes an error in judgement on where funds are allocated... should that person get 9 years jail? Does the punishment fit the crime?

I know most of the people on this thread crying for blood have committed far worse crimes than the one Joel Nathan Ward is accused of... but would be the first to cry for clemency if they were sent to jail for it. How? Well I know that all of you who own a motor vehicle have mistakenly or otherwise risked killing and seriously injuring people by driving over the speed limit from time to time. The consequences of that are far worse than losing some money.... just ask anyone who has lost a loved one to someone who thought it was ok to occasionally go over the speed limit.

Perhaps the penalty for speeding should be more than 9 years jail. That will stop the bast**ds who sometimes speed and risk killing our families and putting their lives in extreme danger. An example should be made of these dispicable individuals so the reprehensable crime of speeding never happens again. I don't care if they thought it was ok to go just a little over... a CRIME is a CRIME is a CRIME.

Now obviously I don't think the above should be the case just as I would question the 9 year sentence given to Joel Nathan Ward for what is possibly a lessor crime in terms of potential consequences... although a crime none the less. Perhaps some are being a little too critical or may be even hypocritical.

[aleksey]

I am rather pleased that Mr. Ward was held accountable for his scammings.

Frankly, I am unpleasantly surprised that the author of this thread leaves room for reasonable doubt on account of Mr. Ward's "true" intentions. It is so obvious the guy is a scammer, it's not even funny.

People refer to him as seeming to be honest and truly eager to help. That's why you people get suckered by the likes of Mr. Ward. You really think that a crook should be sullen, with a 3-days' worth of stubble on his chin, scowling and growling at you, and exude an altogether disagreeable impression when you set your eyes on the guy? Do you think anyone in his/her right mind would give a penny to such a character? Do you not know that a truly sleek scammer will be impeccably dressed, clean-shaven, amicable, smiling at all times like a Gwynplaine, and above all, be more gifted at persuasion than the devil himself?

Now, tell me why this initially "successful" trader made $1k on a trading account of $2 million? Tell me why this bastard needed to buy this "forex school", whatever the hell that's supposed to be, to begin with? Just so that he could get his $39.95 for a crash course in forex trading from gullible suckers who want someone else to do all the work for them and get rich? This "guru" sitting on $10 mil of cash, even trading at 1:10 margin could wield the buying power of $100 million! Even if you maintain that his motives were genuine, what exactly was the idea behind a "successful" forex school? How was that to prosper into anything profitable? How was it to be more profitable than good ol' forex trading that he purportedly excelled in?

No, it is clear the guy is a scammer. He's cooperating with authorities, and plays all coy and repentant, purportedly wishing to repay his customers' losses. Great gimmicks, I must say. If nothing else, beg for pity. Try to garner sympathy by making big tearful sad puppy eyes. He gets none from me.

9 years in prison and confiscation of all assets necessary to reimburse the customers and taxpayers for court proceedings is a just and fair punishment. When he gets out, let him go manage funds at some bank. If he is so legendary at trading forex, then his reputation will precede him. Or work like most of us have to do, save up some money, and turn it into a small fortune in no time, considering that he's such a f*cking guru at forex trading.

Regards,

[bety]

Hey, I have read joel ward's story. I feel his sentence is justified.
However i'd rather he was allowed to trade under strict supervision in order to repay his clients all the cash he swindled them!
bety

[kca$h]

well im really gonna be blunt here..he is definately a scammer, i think ppl should really be careful especially when it involves other ppl's funds...if u are a good enough trader, pls stick to your cash and grow its to the so called majestic money tree..........