While Joel A. Caston has received local and national attention as the first resident of the D.C. Jail elected to a public office in the District in 2021, the former Ward 7 advisory neighborhood commissioner would like to be known as an entrepreneur and activist seeking to educate and assist people regarding their personal and business finances.
“When I was kid, I watched Michael J. Fox’s character on the show ‘Family Ties’ and noticed that he would have a Wall Street Journal in his hands,” said Caston. “Later, when I was incarcerated, I made an effort to educate myself about the financial system as a way to help my family cope.”
The Journey to Entrepreneurship
Caston, who was sentenced in 1996 for first-degree murder in the District, said he became financially aware during the dot.com era in the late 1990s, in which tech companies were making a lot of money.
He noted that getting and making money utilizing illegal means “was not sustainable.”
Caston said while he was in various federal penal institutions, he had the chance to watch television shows such as “Wall Street Week with Louis Rukeyser” and CNBC and said one of his favorite airings was “The Tavis Smiley Show” topic of stocks.
Caston became captivated by finances and studied any material that he could get his hands on. He clipped newspaper articles and would share them with his fellow residents.
“I learned many inmates are aware of the financial system and could talk about it proficiently,” Caston, 48, said. “Of course, they were speaking [of making money] most of the time through illegal means. Inmates in New York were particularly knowledgeable about the finance system.”
Eventually, Caston would offer stock tips and classes and set up a group where he was housed.
“I was known as the stock guy,” he said.
Caston said many of his residents wanted to take a different path regarding making money when they were released. He proudly told The Informer that a former gang leader he taught is now a stockbroker.
While incarcerated, Caston worked on a book, “Currency Catchers Investment Curriculum,” published in 2019, which teaches people about investing.
After his release on Nov. 22, 2021, Caston joined the executive board and became the chief operating officer of BCW Agency, and a nonprofit organization, Building Community Wealth, was co-founded with Michele A. Cameron in 2022.
Returning Citizens and Entrepreneurship
Caston has joined many returning citizens in the District who have embraced entrepreneurship as a means of making a living.
Statistics reveal that one in three American adults has a criminal record, and people with prior criminal history involvement identify employment as their most urgent need but most significant obstacle. According to a 2018 study, formerly incarcerated people have a 27% unemployment rate, dramatically higher than the overall U.S. jobless rate.
Isabella Casellas Guzman, the Small Business Administration’s Administrator, has recognized this challenge for people who have been involved with the criminal justice system.
“America is about possibilities and second chances—and that includes justice-involved individuals who are working hard to rebuild their lives through entrepreneurship,” Guzman, 53, said.
Guzman spoke about her efforts to help returning citizens have access to capital “to grow their businesses and ensure our economy and society can benefit from their pursuit of the American dream of business ownership.”
Helping justice-involved individuals “is not only the right thing to do to strengthen our economy and communities, Guzman said, “but it is also the smart thing to do because research shows that employment helps people thrive during re-entry and reduces the risk of recidivism.”
Facing Hurdles through Programming, Building Community Wealth Offerings
At the Prosperity Summit that took place at the Gaylord National Resort and Convention Center in Oxon Hill, Maryland from Sept. 3-6, Hope Policy Institute Director Kidyah Burt said newly returning citizens face a few hurdles as they seek to establish themselves financially.
“Most financial institutions won’t accept a prison ID to open an account,” said Burt. “So, if you don’t have an account, where are you going to house your money? In order to be employed, you need to have somewhere for the money to go.”
In response to those concerns, Caston said Building Community Wealth offers its clients credit education, how to set up a business, health and life insurance, workforce development, stock market investing and financial literacy for incarcerated individuals.
“We teach our clients how to get and review their credit report and to effectively report errors,” he said. “Our clients learn how to establish personal credit and business credit. Having good credit can help our clients buy their first house or start their own business.”