Josh is a highly experienced advocate who represents clients in complex commercial disputes and financial crime investigations. He is also regularly engaged to advise international companies on UK and US sanctions and export control issues. A dual qualified American attorney and English barrister, he has argued in the Second Circuit Court of Appeals, the federal district courts in New York, Boston, and Chicago, New York State court, and the English High Court. He has also presented cases before arbitral tribunals in London and New York.
Called in 2023, he brings fifteen years of cross-border experience with leading law firms in New York and London to the Bar. In addition to England & Wales, Josh is admitted to practice in New York and Washington, DC. Based between New York and London, he maintains an active practice in both countries.
As noted in the most recent edition of Chambers & Partners, “Josh is rare in the UK market as a dual-qualified adviser, and his US qualification and experience are very valuable. He is thoughtful, responsive and very good at thinking through challenges in the round.” Josh’s oral and written advocacy style strives to present his clients’ positions as simply and concisely as possible.
Josh has substantial experience representing both claimants and defendants in high value arbitrations and litigation, particularly those involving financial services, the oil and gas industry, real estate investments, private equity, and manufacturing. In his financial crime and sanctions practice, he has acted for individuals and companies in connection with prosecutions and investigations brought by American and English regulators such as the DOJ, SFO, SEC, CFTC, OFAC, and OFSI.
Most of his matters span multiple jurisdictions. In addition to his American and British clients, he has recently acted for clients based in Myanmar, Russia, China, Turkey, Uzbekistan, the UAE, Cyprus, and Switzerland. Many of his engagements are for English and foreign law firms seeking specialist advocacy or advice on behalf of their clients.
Josh regularly publishes and speaks on international legal topics. He is the author of White Collar Criminal Prosecutions in the US and UK, a textbook published by the American Bar Association in 2022. He holds a law degree from Cornell Law School and an undergraduate degree in government from Cornell University.
Expertise
Notable Business Crime cases
- Representing a senior executive at a publicly traded digital asset business in New York 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 involving the purported misappropriation of government scientific data on COVID-19.
- Providing strategic defensive advice to an oil executive in Dubai in relation to charges brought against him and his company by the SFO under the UK Bribery Act.
- Advising a Dubai-based cryptocurrency exchange in relation to a criminal fraud investigation being conducted by the DOJ.
- 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. United States v. Graham Bonham-Carter, 22-cr-00503 (S.D.N.Y.).
- 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. United States v. Gulnara Karimova, et al., 19-cr-00165 (S.D.N.Y.).
- Representing a British national in a criminal fraud investigation related to his work as a senior executive for a payment processing firm in New York.
- Defended a UK national under investigation by the SEC’s Boston office in connection with an alleged multi-million dollar international market manipulation scheme.
- Defended a Slovakian oil futures trader and his company in a market manipulation suit brought by the CFTC in Chicago. CFTC v. Roman Banoczay, Jr., et al., 20-cv-05777 (N.D. Ill.).
- Represented a major EU-based online gaming company with respect to an internal investigation into possible violations of US and UK foreign bribery laws by counterparties in Eastern Europe and Africa.
- Represented a Detroit-based automotive executive in connection with an internal investigation of FCPA violations by a Chinese manufacturer.
- 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. United States v. Low Take Jho, 18-cr-00538 (E.D.N.Y.).
- Represented a London-based senior finance executive charged by the DOJ in Boston with orchestrating a $20 million wire and securities fraud scheme. United States v. Ross McLellan, et al., 2016-cr-10094 (D. Mass.).
- Represented a former London-based precious metals trader charged with wire fraud and spoofing by the DOJ in Chicago. United States v. Cedric Chanu, et al., 18-cr-00035 (N.D. Ill.).
- 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.
- Successfully secured a non-prosecution agreement for a senior trader at an international bank in a price fixing and bid rigging investigation by the DOJ’s antitrust division in Washington.
- 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.
- Defended hedge fund analyst charged by the DOJ in New York with insider trading in connection with the merger of two technology companies.
- 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
- Representing a sanctioned family office in the UK in relation to insolvency proceedings and the appointment of administrators. In the Matter of KRF Services (UK) LTD [2024] EWHC 2978 (Ch).
- Advising the Cyprus branch of a global accounting firm with respect to its work on a $1 billion+ Swiss trust settled by a prominent Russian businessperson.
- Advising a British real estate investment group with respect to sanctions issues arising from bonds owned by sanctioned Russian businesses.
- Representing a billionaire Israeli/British industrialist in connection with various licensing and other issues arising from his sanction designation in the UK and US.
- Advising a Turkish consumer goods company in relation to sanctions and export control issues arising from its trading relationships with China and Russia.
- 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.
- Advising the liquidators of BVI and Cayman investment trusts settled by a sanctioned Russian oligarch.
- Representing one of the largest banks in Southeast Asia with respect to international sanctions on Myanmar and the country’s designation on the FATF blacklist for money laundering .
- Representing a sanctioned Belarussian technology company in the first ever sanctions designation challenge to reach the UK High Court. LLC Synesis v Secretary of State for Foreign, Commonwealth and Development Affairs [2023] EWHC 541 (Admin).
- 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 an American robotics company in relation to US sanctions issues arising from investments made by a sanctioned Russian oligarch.
- Representing an Austrian web3 software provider in relation to an OFAC/DOJ investigation of possible sanctions violations.
- Advising a British financial services company in relation to US sanctions issues arising from its business with a Venezuelan company sanctioned by OFAC.
- Advising a Russian bond investor on sanctions issues relating to the purchase of distressed debt in the UK.
- Advising a British oil & gas services company on sanctions issues arising from its contractual relationships with sanctioned refineries in Eastern Europe.
- Representing the National Bank of Uzbekistan with respect to seeking OFAC licenses to unfreeze a blocked payment.
- Providing sanctions advice to a Nigerian oil & gas company involved in arbitration proceedings against a Swiss shipping firm.
- Advising a large American real estate investment fund on sanctions issues arising from its sale of a commercial property portfolio in Moscow.
- Advising a large American real estate investment fund on sanctions issues arising from its sale of a shopping complex in Moscow.
- Advising a Russian investment firm in relation to a proposed asset-swap involving frozen securities held by Russian investors with Euroclear.
Notable Commercial Disputes cases
- Representing a British private equity firm in several shareholder disputes involving its US portfolio companies.
- Representing a large Russian oil company against an international engineering conglomerate in a series of London-seated arbitrations in the ICC with a total claim value in excess of $65 million.
- Representing a Cyprus investment firm in a commercial dispute with a major British bank in the UK High Court involving interest payments on a commercial bond portfolio.
- Representing British businessperson with in relation to various commercial disputes centred on the sale of a multi-million dollar apartment in New York.
- Representing the founder of a British hedge fund in a dispute with Virgin Galactic about the purchase of seats on a sub-orbital space flight.
- Representing a real estate development company and its owner in relation to $500 million in personal guarantees on loans issued by an American private equity firm.
- Representing an Italian oil & gas company in relation to a commercial sale of equipment located in Georgia.
- 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 $24 million copyright infringement case brought by eight major international record labels in New York federal court. Abkco Music & Records, Inc., et al. v. Coda Publishing, Ltd., et al., 2019-cv-11892 (S.D.N.Y.).
- Secured dismissal of all counts against an American entrepreneur brought against him in a 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 in the UK High Court.
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.
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.
