Scots fraudster on Most Wanted list
FBI launches hunt for bullion scam conman in the US
A SCOT accused of conning pensioners out of hundreds of thousands of pounds in an elaborate bullion fraud has been placed on the FBI’s Most Wanted list.
James Ward, 65, is alleged to have offered investors bogus deals involving precious metals such as gold, silver and platinum.
He is accused of luring victims with promises of massive profits on bullion he pretended to buy.
Glasgow-born Ward is said to have squandered the money on a luxury lifestyle.
The Federal Bureau of Investigation (FBI) alleges he received $400,000 (£314,000) from at least 12 investors between September 2007 and March 2010.
But when the authorities began to close in on Ward, he went on the run in 2012.
The FBI’s website says: ‘Ward allegedly operated an entity called Kastle & Hawk Inc, which solicited investors to buy precious metals such as gold, silver and platinum on a leverage basis.
‘Instead of investing the approximately $400,000 Ward received from at least 12 investors, Ward allegedly used the money for his own personal use and benefit.
‘No precious metals were ever acquired for investors.
‘A federal arrest warrant was issued for Ward in the United States District Court, Miami, Florida, on September 6, 2012, after he was charged with wire fraud.’
The FBI lists Ward’s occupation as ‘securities broker’. The agency added that Ward, who has previously lived in Miami Beach, may travel to and from Scotland, Canada and Mexico.
Ward was first accused of violating strict US commodities laws with his business partner Natha- nial Walker. If caught and convicted, Ward faces paying millions of pounds in asset forfeiture and civil penalties.
It is alleged that Ward and Walker used ‘high pressure’ tactics to target pensioners who had moved to Florida in their twilight years.
Customers were persuaded to take out large loans to pay for the bullion, with the promise it would increase in value.
The FBI has issued a wanted poster, urging anyone with information to come forward.
It gives Ward’s nationality as ‘Scottish’ and his hair colour as ‘blond’ – though it goes on to say that he ‘may change his hair colour frequently’.
In 2007, Ward and Walker were sanctioned by the National Futures Association over highpressure sales tactics while working for a Florida finance firm.
In 2011, Ward’s firm Kastle & Hawk had its accounts frozen by a court order which also prevented documents from being destroyed.
Ward spent his childhood years in Glasgow’s Duke Street. His father worked in the Govan shipyards.
After leaving Glasgow, he spent years in London working in finance before emigrating to Canada in his thirties.
Ward is not the first Scot to be placed on the FBI list.
In 2015, Afzal Khan, originally from Edinburgh, was named among the Most Wanted for alleged fraud while he ran a luxury car dealership in New Jersey.
Federal agents hunting Khan, now 36, said they feared he had fled the country. A reward of $20,000 (£13,500) still stands.
‘Money for his own personal use’