Former Citi FX trader destroys docs used in criminal case against him
Former Citi FX trader Rohan Ramchandani has confirmed that he has destroyed the documents used in the criminal case brought by the Department of Justice against him and Richard Usher. Ramchandani, who faced criminal charges over manipulating the Forex spot market, has filed a Letter with the New York Southern District Court explaining how he handled documents used in the criminal proceedings.
Specifically, Ramchandani and his counsel have destroyed “the entire set of discovery covered by the Protective Order, together with any and all copies thereof, to the best of Defense Counsel’s ability.”
Let’s note that, In October 2018, Richard Usher and Rohan Ramchandani were acquitted of charges of manipulating the Forex spot market. However, the “FX Cartel” traders are now bracing for proceedings launched by the Office of the Comptroller of the Currency (OCC).
As per the OCC notices, hearings will commence so as to determine whether Orders should be issued against Ramchandani, the former Head of European Foreign Exchange Spot Trading at Citibank, and Richard Usher, the former Head of EMEA Foreign Exchange Spot Trading at JPMorgan Chase Bank, N.A., prohibiting the respondents from participating in any manner in the conduct of the affairs of any federally insured depository institution or any other institution, credit union, agency or entity referred to in 12 U.S.C. § 1818(e), and requiring respondents to pay a civil money penalty.
Both Usher and Ramchandani had sought to use the documents from the criminal case to prepare their defense in the OCC case. Ramchandani sought to use 58 documents which had earlier been produced to him by the Government (during his criminal case). These documents included traders’ chat transcripts.
The Court, however, has dashed Ramchandani’s ambitions in this respect and has ordered him to destroy the discovery in his possession. There has been no such order issued to Richard Usher, however.