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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
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Joshua L. Ray

Partner

"A distinguished, knowledgeable and highly proactive team"
The Legal 500

"A distinguished, knowledgeable and highly proactive team"
The Legal 500

Josh is an English solicitor and US-qualified lawyer who defends companies and individuals in complex cross-border investigations, white collar crime prosecutions and civil regulatory actions.  He also advises fintech, cryptocurrency and early-stage technology firms on compliance with anti-money laundering, sanctions and bribery regulations in the US and UK.  Leveraging his experience working in senior roles at leading international law firms in New York and London, Josh leads Rahman Ravelli’s US-facing business crime practice group.  

He helps clients navigate through enforcement proceedings brought by British and American regulators, including the UK’s Serious Fraud Office (SFO) and Financial Conduct Authority (FCA) as well as the US Department of Justice (DOJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC).  Josh also has experience in sanction and export control matters brought by US Office of Foreign Assets Control (OFAC) and in investigations brought by the World Bank and other multilateral development banks (MDBs).  

Josh has extensive experience representing traders in market manipulation and spoofing cases.  His past work in this area includes multiple high-profile matters involving individuals accused of wrongdoing while trading currencies, commodity derivatives and American Depositary Receipts.  Josh has a deep understanding of market mechanics and sophisticated trading strategies, and clients rely on him to interpret complicated trade data in innovative ways in response to regulatory inquiries.  He has also represented clients under investigation or charged with antitrust violations, securities and wire fraud, and insider trading.  

Josh has particular expertise advising senior corporate figures with exposure to the US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act.  He has been involved in some of the largest recent corporate investigations in this space, including the multi-agency TeliaSonera, Airbus and 1MDB foreign bribery cases.  

Josh’s practice additionally involves providing strategic advice to whistleblowers seeking to recover under the American government’s whistleblower reward programs.

He regularly publishes articles in the legal press and is the co-author of a forthcoming book, White Collar Criminal Prosecutions in the US and UK: A Comparative Guide for Practitioners, scheduled to be published by the Judicial Division of the American Bar Association in 2021.  

Josh has a BA in Government from Cornell University and earned his law degree, cum laude, from Cornell Law School.  

Representative Matters

  • Representation of one of the largest private banks in Southeast Asia in connection with a global assessment of its sanctions exposure and related compliance policies and procedures.
  • Advice to an EU-based international software provider with respect to potential violations of US and UK foreign bribery laws.
  • Defence of a Slovakian futures trader and his family business in a market manipulation and spoofing enforcement action filed by the CFTC in federal court in Chicago.
  • Defence of a former telecom executive based in Moscow under indictment by the DOJ for his alleged participation in an $880 million FCPA and money-laundering scheme.
  • Representation of a former hedge fund trader and the founder of a hedge fund advisory business in London under investigation by American authorities for possible insider trading.
  • Advice to a senior automotive engineer in filing a claim against a Chinese manufacturing company under the SEC’s FCPA whistleblower program.
  • Advice to a European cybersecurity firm with respect to compliance with US and UK sanction and export control laws. 
  • Representation of several employees for a major international bank pursuant to a DOJ and OFAC investigation into violations of US sanctions on Iran.
  • Advice to a Dubai-based cryptocurrency and non-fungible token (NFT) art dealer on compliance with US and UK money-laundering and sanction laws.
  • Representation of the founder of a credit risk and analytics provider involved in a class-action lawsuit against several major financial institutions concerning their stock-lending practices.
  • Defence of a senior American Depositary Receipt trader at an international bank in a price fixing and bid rigging investigation by the DOJ’s antitrust division which resulted in the client obtaining a non-prosecution agreement.
  • Defence of a London-based precious metals trader for a Japanese bank in a spoofing and market manipulation investigation by the CFTC and CME Group. 
  • Defence of a London-based senior executive for an American financial institution charged by the DOJ in Boston with orchestrating a $15 million wire and securities fraud scheme. 
  • Defence of a British precious metals futures trader against criminal charges of spoofing and wire fraud filed by the DOJ in Chicago along with a parallel CFTC enforcement action. 
  • Representation of a Qatar-based investor in a challenge to an INTERPOL red notice requested by Kuwaiti authorities in connection with a purported embezzlement and fraud scheme.
  • Representation of the former CFO of a multinational telecommunications company in a DOJ investigation of FCPA and money-laundering offenses in Uzbekistan. 
  • Representation of the former regional CEO of a global UK-based bank in a joint DOJ and SEC investigation into potential FCPA violations stemming from the bank’s hiring practices in Asia. 
  • Defence of a hedge fund analyst indicted by the DOJ in New York for insider trading offenses related to the merger of two technology companies. 
  • Representation of a several London-based sales traders in an investigation by the New York Attorney General and CFTC into possible fraud and market manipulation. 
  • Representation of a London-based investor in an SEC insider trading investigation. 
  • Representation of numerous foreign exchange traders working for global financial institutions in London involved in a wide-ranging DOJ market manipulation investigation.
  • Representation of an index derivatives trader for a global investment bank in an internal investigation regarding alleged collusive trading practices.
  • Defense of a Swiss banking executive indicted in New York for conspiring with US taxpayers to illegally evade taxes and hide assets.
  • Representation of an executive at an international environmental services firm in an FCPA and money laundering investigation by the DOJ.
  • Representation of an international businessman in legal matters arising out the 1MDB foreign bribery case, including civil asset forfeiture proceedings in the US and related investigations in Singapore, Switzerland and elsewhere.
  • Representation of five senior sales executives of a London-based global bank in an investigation of possible market manipulation and fraud related to foreign exchange trading brought by the DOJ, SEC, CFTC, and FCA.
Joshua L. Ray

Joshua L. Ray

Partner

joshua.ray@rahmanravelli.co.uk
+ 44 (0)203 947 1539 vCard

Joshua Ray represents individuals and corporates in complex investigations, prosecutions and regulatory actions regarding market manipulation and multijurisdictional matters involving fraud, bribery and money laundering.


Professional Affiliations

  • New York Bar; U.S. District Courts for the Southern and Eastern Districts of New York.
  • International Bar Association
  • European Criminal Bar Association
  • Fraud Lawyers Association
  • American Bar Association
  • Defence Extradition Lawyers Forum