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