"Best for Serious Business Criminal Law"
The Legal 500
"Corporate Crime Law Firm of the Year"
Global Business Insight Awards
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 Crime 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.
Salomé Lemasson and Josh Ray write about multilateral development bank investigations in the time of COVID-19
With multilateral development banks (MDBs) maintaining a high level of enforcement activity during the COVID-19 pandemic, Rahman Ravelli’s Salomé Lemasson and Josh Ray assessed their approach.
Law360 - May 2021READ MORE
Joshua Ray to present at international financial crime conference
Rahman Ravelli’s Joshua Ray is to be a presenter at a European conference assessing the prosecution of financial crime.
April 2021READ MORE
Joshua Ray addresses worldwide corruption risks in speech at the Think Global conference
Rahman Ravelli’s Joshua Ray gave a speech at the International Trade Council’s Think Global conference about the dangers of corruption in business.
April 2021READ MORE
Joshua Ray to be guest speaker at the Think Global conference
Rahman Ravelli’s Joshua Ray has been invited to speak at the International Trade Council’s Think Global conference.
March 2021READ MORE
ACAMS Virtual Europe
The Long Arm of the Law: Why Aren’t More People Prosecuted for Financial Crime?
18 May 2021
The Think Global Conference
LEGAL ISSUES: Handling corruption issues (Why Corruption Risk is Not Just About the FCPA)
12-15 April 2021
WEBINAR: Market Manipulation – Legal Developments and Defence Strategies
Rahman Ravelli hosted a webinar analysing market manipulation regulation in the US and UK. Rahman Ravelli's Joshua Ray and Neil Williams joined an international panel of experts for a webinar to examine recent criminal and civil regulatory actions against spoofing and other forms of market manipulation.
9 December 2020
WEBINAR: Multilateral Development Banks – Their Investigations, Powers and Penalties
Multilateral development banks’ strengthening of communication links between themselves and with law enforcement agencies is leading to greater information sharing, a Rahman Ravelli-hosted webinar heard.
15 September 2020
Arrest of Alleged Bitcoin Fog Operator Signals Continued DOJ Focus on Crypto “Mixers”
On Wednesday April 28th, Roman Sterlingov, a 32-year Swedish and Russian citizen who allegedly founded the cryptocurrency mixing service “Bitcoin Fog,” was arrested at Los Angeles International Airport pursuant to a sealed criminal complaint filed in the federal district court in Washington, DC (21-mj-00400). According to a supporting affidavit from a criminal investigator for the IRS, Sterlingov engaged in a decade-long conspiracy to use Bitcoin Fog as a way to launder criminal proceeds from illicit Darknet1 marketplaces and elsewhere.
May 2021READ MORE
COVID-19 And The Sudden Rise In MDB Debarments
Joshua Ray of financial crime specialists Rahman Ravelli explains why we should not be surprised by multilateral development banks taking more punitive action.
April 2021READ MORE
The United States Anti-Money Laundering Act 2020
Joshua Ray, Partner at Rahman Ravelli, gives a breakdown of the main points of the US’ latest anti-money laundering legislation
February 2021READ MORE
Is DOJ’s “Spoofing as Wire Fraud” Theory Really Just “Right to Control” by Another Name?
The federal wire fraud statute prohibits “any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises” via an electronic communication.1 The statute’s loose wording makes it adaptable, and federal prosecutors have creatively used it to target a “staggeringly broad swath of behavior.”2 While courts have generally validated this expansive approach, DOJ has on occasion drawn criticism for trying to “stretch the reach” of the wire fraud statute “far beyond where [it] should go.3
January 2021READ MORE
Corporate Investigations 2021
For the fourth successive year, Rahman Ravelli has provided one of the expert insight chapters for the International Comparative Legal Guide - Corporate Investigations. The firm’s founder and Senior Partner Aziz Rahman and Legal Director Joshua Ray contributed the chapter “Bribery and Corruption: Investigations and Negotiations Across Jurisdictions’’ to the 2021 edition of the Guide.READ MORE
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.