“FX Cartel” piles pressure on US Govt to produce evidence in Forex manipulation case

Maria Nikolova

Richard Usher, Rohan Ramchandani, and Christopher Ashton want the US Government to make an effort to obtain extra evidence from foreign regulators and the FRB.

Former Forex traders Richard Usher, Rohan Ramchandani, and Christopher Ashton, who stand accused of conspiracy to manipulate the FX market, have stepped up their efforts to obtain evidence they see as crucial for their defense.

On Wednesday, August 22nd, the defendants filed a Letter with the New York Southern District Court, asking the Court to direct the US Government to make an effort to produce evidence that is currently available to several foreign regulators and the Federal Reserve Bank (FRB).

Let’s recall that the ex-traders previously stated they were aware of at least three additional statements made by the Government’s chief co-operating witness (the so-called Witness A) – specifically, statements made to the competition authorities in Korea and Brazil, and a statement to the Federal Reserve Bank (FRB) in the United States. These statements are material to preparing the defense, yet the Government has declined to produce them.

The witness whose testimony is sought is said to have provided detailed description of his past trading activities to Korean and Brazilian authorities. After hearing his testimony, these regulators decided not to prosecute him. That is why, his testimony is seen as crucial in the case and the defendants seek the information with such perseverance.

In their latest Letter, the three former traders refer to a recent Government declaration which sets out the Government’s reason not to seek the evidence requested by the defendants. But, according to the defendants, this declaration undermines the Government’s claim that it cannot, or should not, obtain Witness A’s statements and submissions to foreign and domestic authorities. The Declaration defines no legal impediment that prevents the Government from requesting Witness A’s statements and submissions to the authorities of Korea and Brazil, and the facts it sets forth concerning the cooperation between the Government and the Federal Reserve Bank (FRB) establish that these agencies conducted a joint investigation.

Accordingly, the defendants request that the Court order the Government to make a good faith effort to obtain Witness A’s statements and submissions to foreign authorities, and to conduct a review of any FRB materials reflecting interviews with Witness A or proffers made on his behalf.

Usher, former Head of G11 FX Trading-UK at an affiliate of Royal Bank of Scotland plc, as well as former Managing Director at an affiliate of JPMorgan Chase & Co., Ramchandani, former Managing Director and head of G10 FX spot trading at an affiliate of Citicorp, and Ashton, former Head of Spot FX at an affiliate of Barclays PLC, are alleged to have conspired to manipulate the FX market by “coordinating their bidding, offering, and trading” at “certain times.”

The case is captioned USA v. Usher et al (1:17-cr-00019).

Read this next

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

<