Grant and Ward | Southern Illinois University Special Collections Research Center
Name: Grant and Ward
Historical Note: Grant & Ward was a Wall Street brokerage firm founded by Ulysses S. Grant, Jr., and Ferdinand Ward along with James D. Fish, president of the Maritime National Bank of New York. Former President Ulysses S. Grant joined the firm in 1881 as a nonexecutor partner. Ward ran the firm using what would later be termed a Ponzi scheme, borrowing money from the Maritime Bank to pay large dividends and attract more investors. In the economic downturn of 1884, the scheme collapsed. Grant and Ward went bankrupt, taking the Maritime Bank down with it. Both Ward and Fish were later convicted of fraud and sentenced to ten years each.