US Govt, FX Cartel clash again over evidence in market manipulation case

Maria Nikolova

The US Government insists that it has already provided the former FX traders with all the discoverable information in its possession and does not want to rush with a “sneak preview” of evidence it will use at trial.

The evidence spat between the United States Government and Richard Usher, Rohan Ramchandani, and Christopher Ashton, also known as the FX Cartel or FX Mafia, continues, with the latest argument among the parties in a case over Forex market manipulation concerning the timing of production of certain evidence by the Government.

As FinanceFeeds has recently reported, the ex-traders push for speedy disclosure of evidence by the Government although their trial was rescheduled from June 4, 2018 to October 1, 2018.

On Tuesday, February 27, 2018, the Government replied to the request by the defendants. In a Letter sent to Judge Richard Berman of the New York Southern District Court, the Government says that it has thus far complied with the Court Orders with regard to evidence disclosure.

In particular, starting in August 2017 and concluding in January 2018, the Government has produced to the defendants all discoverable information in its possession, custody and control that will enable the former traders to view and use trading data. Those disclosures include:

  • A full set of EUR/USD trading data from the conspirators’ banks and EBS platform from the relevant time period.
  • Notes from discussions with bank and EBS representatives concerning how the trading data is compiled and how to understand and interpret trading data.
  • Notes of witness interviews in which the witness explicitly discussed trading data in connection wit collusive episodes.

In sum, the Government insists that all parties in this case possess the same trading data, documents and resources. The defendants had asked for four more months to review the information prior to trial and were granted that time.

Currently, according to the Government, the only thing the defendants lack with respect to trading data is a sneak preview of the evidence the Government will use at trial. But this information is set to be provided much closer to trial and not in line with the deadlines suggested by the defendants. That is why, the Government requests that the Court directs that the remaining disclosures are due July 6, 2018 and August 10, 2018, instead of April 16, 2018 and June 18, 2018 (the dates proposed by the defendants).

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, have pleaded not guilty to the accusations brought by the US authorities.

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

Read this next

Retail FX

XPRTcoin Review 2022 – Is XPRTcoin Scam or Legit?

Read our XPRTcoin review today to learn all you need to know about XPRTcoin before signing up with the broker ( – by FinanceFeeds.

Retail FX

Financial services domains blocked by Consob rise to 708

In yet another episode in a long-running campaign, the Italian financial regulator, Consob, once again blocked access to a number of investment websites, including those holding licenses in other jurisdictions.

Digital Assets

Binance upgrades Bahrain license to offer full-suite of crypto services

The Central Bank of Bahrain (CBB) has granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP).

Digital Assets

BitMEX spot exchange hits $24 million in daily volume

The newly-launched spot market of crypto exchange BitMEX reported a record of $24 million in 24-hour trade activity on May 25.

Retail FX

Financial Commission certifies offering of trade copier 4X Solutions

The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has certified the trading technology offered by trade copier 4X Solutions.

Industry News, Inside View

LIVE from Devexperts webinar for brokers on Fractional Trading

Finance Feeds is providing live coverage of the event that aims to help brokers discover fractional shares as a key tool for a successful brokerage business in today’s trading industry.

Industry News, Retail FX

ASIC celebrates retail ban on binary options as 68% of wholesale clients lose money

In the 13 months before the ban, between 74% and 77% of active retail clients lost money trading binary options. The product intervention order does not apply to wholesale clients.

Crypto Insider

Investing in crypto: how to stay away from weak players

The main reason behind the hacks of crypto exchanges is weak key management. For example, all 4 hacks that took place in 2021 were caused by the ability of hackers to obtain access to hot wallets. 

Retail FX

Vantage launches swap-free gold XAUUSD trades for all clients until end of July

“As the greenback continues to strengthen, we want to support traders who remain bullish on gold or seek short term trading opportunities amid the volatility”