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

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<