Joshua L Ray

Joshua Ray

Year of Call:
2023 (England & Wales), 2022 (Washington DC), 2010 (New York)
Direct Access:

Josh is a Professional Associate at Outer Temple Chambers, splitting his time between London and New York. He is a US qualified lawyer (NY and Washington DC), and a UK qualified barrister. He practises in Business Crime, Sanctions, International Arbitration and Commercial Litigation.

He represents companies and individuals in complex cross-border investigations, civil and criminal litigation in American and British courts, arbitration, and contentious regulatory matters. Josh regularly provides strategic advice to international businesses on compliance with anti-corruption and money laundering regulations, sanctions, and export and import controls. He is the founder and co-chair of the London Sanctions Advisors Association.

Josh started his legal career at Weil Gotshal & Manges LLP (New York), moving to Kobre & Kim LLP in NY and then London before joining dispute specialist firm CANDEY, where he remains a Partner.


Notable Business Crime cases

  • Representing a British businessman indicted by the DOJ in New York for wire fraud and criminal sanctions violations in connection with his alleged work for a high-profile Russian oligarch.
  • Advising an oil executive in Dubai in relation to charges brought by the SFO under the UK Bribery Act.
  • Representing a senior executive at a publicly traded digital asset business in relation to DOJ and SEC investigations of an alleged $1 billion+ fraud.
  • Representing the head of a hedge fund advisory business in London in connection with an insider trading investigation by the CFTC.
  • Representing a former telecom executive in Uzbekistan indicted by the DOJ in New York for alleged participation in an $880 million FCPA and money laundering scheme.
  • Defended a UK national sued by the SEC for an international market manipulation scheme in Boston federal court.
  • Defended a Slovakian futures trader in a market manipulation suit brought by the CFTC in Chicago.
  • Represented a major EU-based online gaming company with respect to an investigation into possible violations of US and UK foreign bribery laws.
  • Represented a Detroit-based automotive executive in connection with an investigation of FCPA violations by a Chinese manufacturer.
  • Represented a former London-based precious metals trader charged with wire fraud and spoofing by the DOJ in Chicago.
  • Represented a Finnish telecom executive in an investigation of potential FCPA violations and money laundering and an executive at a multinational French firm in a DOJ investigation of possible FCPA violations in Ecuador.
  • Defended a senior trader at an international bank in a price fixing and bid rigging investigation by the DOJ’s antitrust division.
  • Represented a British currency trader in an investigation by US and UK antitrust prosecutors.
  • Represented the former regional CEO of a global UK-based bank in a joint DOJ and SEC investigation into potential FCPA violations stemming from the bank’s hiring practices in Asia.
  • Represented a London-based senior finance executive charged by the DOJ in Boston with orchestrating a $15 million wire and securities fraud scheme.
  • Defended hedge fund analyst charged by the DOJ in New York with insider trading in connection with the merger of two technology companies.
  • Represented the alleged ringleader of the $4 billion 1MDB bribery scheme and provided guidance on parallel civil asset forfeiture proceedings in the US and related investigations in Malaysia and Switzerland.
  • Represented London-based brokers in an investigation by the New York Attorney General and CFTC into possible fraud and market manipulation.
  • Represented numerous foreign exchange traders working for global financial institutions in London in a DOJ market manipulation investigation.
  • Represented a Swiss national and senior banking official in a tax fraud prosecution brought by the DOJ.

Notable Sanctions cases

  • Advising the Cyprus branch of a global accounting firm with respect to its work on a $1 billion+ Swiss trust settled by a Russian businessperson.
  • Advising a British real estate investment group with respect to sanctions issues arising from bonds owned by sanctioned Russian businesses.
  • Representing multiple high net worth individuals in connection with sanction designation challenges in the US and UK.
  • Advising a Greek cybersecurity company on its sanctions, export controls, and anti-money laundering compliance policies.
  • Representing one of the largest banks in Southeast Asia with respect to international sanctions on Myanmar.
  • Representing a sanctioned Belarussian technology company in a sanctions designation challenge in the UK High Court.
  • Representing a German nanotechnology manufacturer in the first ever judicial review proceedings in the UK High Court challenging OFSI’s license procedures.
  • Providing legal opinions on US and UK sanctions and export laws for multiple international businesses.
  • Representing a Cypriot holding company in connection with efforts to unfreeze $250 million held by a Swiss bank and obtain licenses from the US and UK sanctions regulators.
  • Advising a Russian bond investor on sanctions issues relating to the purchase of distressed debt in the UK.
  • Representing the National Bank of Uzbekistan with respect to seeking OFAC licenses to unfreeze a blocked payment.
  • Advising a large American real estate investment fund on sanctions issues arising from its sale of a shopping complex in Moscow.

Notable Commercial Disputes cases

  • Representing a large Russian oil company against an international engineering conglomerate in an $11 million arbitration in the ICC.
  • Representing an American businessperson in an appeal before New York’s Second Circuit Court of Appeals of a successful motion to dismiss a breach of contract claim.
  • Defending a British publishing company and three of its officers in a $20 million copyright infringement case brought by eight major international record labels in New York federal court.
  • Representing the former global head of sales for a major cryptoasset investment firm in an internal investigation involving allegations of fraud and market manipulation.
  • Defending an American entrepreneur in a $1 million breach of contract action in New York state court.
  • Advising a Russian bank on enforcing a judgment against an American investment firm.
  • Representing a Russian oil company in connection with a breach of contract claim against a British bank.

Related updates

Joshua Ray is regulated by the Bar Standards Board (BSB) and holds a current practising certificate. If you are not satisfied with the service provided, please click here.

To find out more, contact Sam Carter on +44 (0)203 989 6669 for a confidential discussion.

Our experienced practice management team can help you identify the right barrister for your case.

  • White Collar Criminal Litigation in the US & UK: A Comparative Treatise for Practitioners, AMERICAN BAR ASSOCIATION (500-page textbook published in October 2022)
  • The Continuing Façade of FCPA Enforcement: A Critical Look at the Telia DPA, NYU LAW SCHOOL JOURNAL OF LAW & BUSINESS (August 2021) (20,000-word article examining the DOJ’s agreement with a Swedish telecom firm to settle foreign bribery allegations)
  • “Countermeasures Against Unsupported Sanctions Designations,” LexisNexis UAE (March 2022)
  • “SEC Chair Underscores Sanctions Risk for Crypto,” World Financial Review (September 2021)
  • “DOJ’s power to subpoena foreign banks expands as SFO’s diminishes,” Banker Magazine (July 2021)
  • “Europe’s Cum-Ex Scandal: What to Expect When US Authorities Join the Party,” New York Law Journal (July 2021)
  • “CFTC Continues to Target Small Overseas ‘Spoofers,’” Traders Magazine (October 2020)
  • “Parsing the DOJ’s Flawed Spoofing Theory,” Law360 (September 2020)
  • “Is DOJ’s ‘Spoofing as Wire Fraud’ Theory Just ‘Right to Control’ in Another Guise,” Fraud Intelligence (October 2020)
  • “Arrest of Alleged Bitcoin Fog Operator Signals Continued DOJ Focus on Crypto Mixers,” Crypto News BTC (June 2020)
  • “Belgrade DFC Creates Regulatory Risks for Balkan Businesses,” Lexology (November 2019)
  • “UK Should Confirm NFT’s are ‘Works of Art,’” FinTech Futures Magazine (November 2019)
  • “World Bank Follows DOJ Lead in Evaluating Corporate Compliance Programs,” FCPA Blog (August 2019)

  • Bar of England & Wales (2023)
  • Washington, DC (2022)
  • Solicitor of England & Wales (non-practicing) (2020)
  • New York (2010)

  • Invited Speaker: “US Sanction Designation Challenges,” English Law Day (Yeravan) (June 2023)
  • Invited Speaker: “The Supreme Court’s Rejection of 1782 Actions in International Arbitrations,” Cambridge Arbitration Day (April 2023)
  • Invited Speaker: Interview with BBC News regarding the UK’s sanctions on Russia (March 2022)
  • Invited Speaker: “Red Notices & Extradition: The U.S. Perspective,” CECJ European Center for Legal Cooperation Conference (October 2021)
  • Invited Speaker: “Spoofing & Market Manipulation,” MBL Seminars (November 2021)
  • Invited Speaker: “The Long Arm of the Law; Why Aren’t More People Prosecuted for Financial Crime?,” ACAMS Conference (May 2021)
  • Invited Speaker: “Handling Corruption Issues: Why Corruption Risk is Not Just About the FCPA,” International Trade Council Global Trade Conference (April 2021)
  • Moderator: “Spoofing/Market Manipulation: Legal Developments and Defense Strategies in the UK, US, and EU,” Webinar (December 2020)
  • Moderator: “Multilateral Investment Bank Investigations and Sanctions,” Webinar (October 2020)

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