Joshua Ray


Joshua Ray


London | 160 Queen Victoria Street, London, UK EC4V 4QQ
+44 20 7184 7399 | +44 20 7184 7001

| vCard | PDF

Josh Ray* is a U.S.-qualified litigation and investigations attorney whose practice focuses on defending individual and corporate clients in the U.K., Europe, the Middle East and Asia from criminal prosecutions, asset forfeiture and related regulatory actions brought by U.S. and foreign authorities. Mr. Ray also advises clients on compliance matters, corporate governance, internal investigations, extradition and sanctions issues. He has particular expertise in cases involving allegations of securities and commodities fraud, market manipulation, antitrust violations, tax evasion, money laundering and foreign bribery under the Foreign Corrupt Practices Act and U.K. Bribery Act.

Mr. Ray regularly acts on behalf of clients involved in proceedings involving the U.S. Department of Justice, Securities and Exchange Commission, Commodities Futures Trading Commission, N.Y. Attorney General’s Office, Office of Foreign Assets Control, U.K. Serious Fraud Office and Financial Conduct Authority. His matters have covered a wide range of industries including asset management, derivatives and precious metals trading, commercial banking, currency trading, environmental services, telecommunications and natural resource extraction.

Prior to joining Dechert, Mr. Ray worked in the New York and London offices of a global disputes and investigations firm. He started his career with the securities litigation/corporate governance group of a large firm in New York where he advised companies and boards of directors in securities class actions, derivative litigation and internal investigations.

  • A U.A.E. sovereign investment entity with respect to a complex, cross-border civil forfeiture action brought by the U.S. Department of Justice.  
  • A major multi-national aerospace company based in France relating to an internal investigation arising from suspected cross-border bribery and corruption in numerous jurisdictions.  
  • A London-based currency trader in connection with an antitrust and price-fixing prosecution brought by the U.S. Department of Justice.  
  • A large telecommunications company based in China in connection with an internal investigation of purported trade theft and export control violations. 
  • The founder of one of the largest private investment firms in Qatar in a challenge to an INTERPOL red notice requested by Kuwaiti authorities in connection with a purported embezzlement and fraud scheme.
  • A senior American Depositary Receipt trader at an international bank in a price fixing and bid rigging investigation by the Department of Justice antitrust division. 
  • A London-based precious metals trader for a Japanese financial institution in a spoofing and market manipulation investigation by the CFTC and CME.  
  • A salesperson for an international waste disposal firm in a bribery and money laundering investigation by the Department of Justice.  
  • Five senior sales executives of a London-based global bank facing allegations of market manipulation and fraud related to the foreign exchange market in connection with a joint investigation led by the U.S. Department of Justice (DOJ) Antitrust and Fraud sections, U.S. Securities and Exchange Commission (SEC), U.S. Commodity Futures Trading Commission (CFTC) and the UK Financial Conduct Authority (FCA).
  • An indicted executive of a publicly-owned Swiss bank regarding a U.S. investigation into alleged tax evasion.
  • A major private equity fund against a shareholder class action alleging breaches of fiduciary duties in connection with the recapitalization of a portfolio company.
  • Several individuals pursuant to a DOJ and U.S. Department of the Treasury investigation into violations of the Iranian sanctions regime.
  • A hedge fund analyst charged in the Southern District of New York with insider trading offenses related to the merger of two technology companies.
  • The former CEO of a New York broker-dealer in responding to a criminal Foreign Corrupt Practices Act (FCPA) investigation arising out of payments made to Venezuelan state banking officials.
  • The former CEO of a multinational grocery and general merchandise retailer with respect to multiple putative class-action investor suits filed in the U.S. alleging securities fraud in connection with an accounting restatement.
  • The Commonwealth Scientific and Industrial Research Organisation (CSIRO), the Australian government’s science agency and the inventor of the core technology underlying the IEEE 802.11a, g, n and ac wireless LAN standards, commonly known as Wi-Fi. The litigation ranks among the most successful recent efforts to enforce a single patent, resulting in payments to CSIRO totalling over US$400 million.
  • An individual in response to a subpoena from the New York Attorney General’s Office Taxpayer Protection Bureau related to a tax investigation of a charitable entity.
  • A UK-based philanthropic organization and two of its directors regarding the levels of risk of action by the U.S. government in connection with the awarding of a US$1 million fellowship to a certain recipient.
  • An international businessman in legal matters arising out of the "1MDB" matter, which involve civil asset forfeiture proceedings brought by the DOJ, as well as additional legal action from authorities located in Singapore, Switzerland and various other countries.
  • A former senior managing director for an international financial services company charged by the DOJ with securities and wire fraud.
  • A head of index derivatives trading for a global investment bank in an internal investigation regarding possible collusive trading practices.
  • The former regional CEO of a global UK-based bank in a joint DOJ and U.S Securities Exchange Commission (SEC) investigation into potential Foreign Corrupt Practices Act (FCPA) violations stemming from the bank’s Asia-Pacific hiring practices.
  • The former EMEA Head of the Portfolio Solutions Group for State Street bank, charged in the U.S. District Court for the District of Massachusetts with a US$15 million wire and securities fraud.
  • A UK-based precious metals futures trader against federal criminal charges of spoofing, wire and commodities fraud in the Northern District of Illinois and a parallel CFTC enforcement action in the same district.
  • Numerous London-based foreign exchange traders at global investment banks in response to a DOJ investigation into alleged market manipulation.
  • The former deputy CEO and head of Eurasia for a multinational telecommunications company in a DOJ FCPA investigation into bribery in Uzbekistan.
  • A London-based hedge fund founder targeted in an SEC insider trading investigation.
  • Numerous complex derivatives brokers in investigations by the New York Attorney General and CFTC of fraud and market manipulation.
  • A multinational insurance corporation in an investigation by the U.S. Attorney’s Office for the Southern District of New York into potential violations of the False Claims Act.
  • A China-based private equity fund in a breach-of-contract action in connection with convertible bonds issued by a Macau casino operator.
  • A Canada-based multinational gold mining company and its senior officers against a shareholder class action alleging securities fraud.

Includes matters handled at Dechert or prior to joining the firm.

  • Cornell Law School, J.D., 2009
  • Cornell University, B.A., 2004
  • *Admitted in New York only
  • United States District Court for the Eastern District of New York
  • United States Court of Appeals for the Fifth Circuit
  • United States District Court for the Southern District of New York
  • United States District Court for the Eastern District of Texas
  • United States Bankruptcy Court, Southern District of New York