"A leading fraud and corporate crime defence firm, expert in the defence of large-scale bribery claims."
The Times, Best Law Firms 2021
Josh is an English solicitor and US-qualified lawyer who defends companies and individuals in complex investigations, prosecutions and regulatory actions. His work focuses on multi-jurisdictional matters involving fraud, bribery, money laundering and market manipulation, and he leads Rahman Ravelli’s US-facing business crime practice group. With Aziz Rahman, he is 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.
He helps clients navigate through proceedings brought by British and American regulators, including the UK’s Serious Fraud Office (SFO) and Financial Crime Authority (FCA) and the US’ Department of Justice (DOJ), Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Josh also has expertise in investigations brought by the World Bank and other multilateral development banks (MDBs).
He has significant experience advising senior corporate figures with exposure to the US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act. For example, he is currently lead counsel for the former CEO of a major telecommunications company who is under indictment in the Southern District of New York for alleged involvement in one of the largest FCPA cases in history. Josh is also assisting this client defend against criminal money laundering allegations in the US and parallel asset forfeiture proceedings in Switzerland.
Josh has extensive experience in market manipulation cases. His past work in this area includes several high-profile matters involving individuals accused of wrongdoing while trading currencies, commodities and American Depositary Receipts. He has also had senior roles on defence teams for clients being investigated for possible anti-trust and sanctions violations, securities fraud, insider trading and spoofing.
Josh has been involved in some of the largest recent corporate investigations, including the multi-agency Airbus foreign bribery case. He has represented individual and corporate clients in a number of other complicated multijurisdictional investigations across a range of business sectors around the world. His clients have operated in finance, asset management, banking, securities trading, resource extraction, environmental services, and telecommunications, amongst others.
These clients have recently included a major Asian telecommunications company suspected of export control violations and trade secret theft, senior executives at a global bank accused of foreign exchange market manipulation and fraud, an executive at a publicly-owned Swiss bank under US indictment for tax evasion and an executive indicted in a multi-million dollar securities fraud case.
Josh’s asset forfeiture and civil recovery expertise has seen him working on some of the most high-profile regulatory actions, including litigation relating to the 1MDB Malaysian investment development fund scandal.
Prior to joining Rahman Ravelli, Josh worked for leading international law firms in New York and London.
Josh has a BA in Government from Cornell University and earned his law degree, cum laude, from Cornell Law School.
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
Joshua Ray argues for US court to drop the spoofing case against his clients
Rahman Ravelli’s Joshua Ray has called on a US federal judge to throw out the Commodity Futures Trading Commission suit against two of his clients.
Law 360 - March 2021READ MORE
Joshua Ray assesses the prospect of criminal or civil legal action in the US regarding Cum-Ex for Law360
With Cum-Ex investigations progressing rapidly in Europe, Rahman Ravelli’s Joshua Ray wrote for Law360 about the likelihood of similar developments in the United States.
Law360 - February 2021READ MORE
Joshua Ray examines for Fraud Intelligence the Department of Justice’s approach to wire fraud in relation to spoofing
The offence of wire fraud has been used extensively by US federal prosecutors. Rahman Ravelli’s Joshua Ray wrote an article questioning whether applying it to spoofing cases is going too far.
Fraud Intelligence - January 2021READ MORE
Rahman Ravelli’s Aziz Rahman and Joshua Ray contribute an expert chapter to the 2021 International Comparative Legal Guide - Corporate Investigations.
Rahman Ravelli has again supplied one of the expert insight chapters for the International Comparative Legal Guide - Corporate Investigations.
ICLG - January 2021READ MORE
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
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
The SFO’s Powers and How Companies Should Approach Internally Investigating Allegations of Bribery
Aziz Rahman and Joshua Ray of Rahman Ravelli detail the SFO’s powers and how companies should approach internally investigating allegations of bribery.
January 2021READ MORE
Responding to a World Bank audit letter
Joshua Ray of Rahman Ravelli and Guidepost Solutions’ Christopher Kim detail the correct approach that companies should take if they receive a World Bank audit letter.
December 2020READ 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.