Court orders ex-Citi FX trader to destroy docs used in criminal case against him
Judge Richard M. Berman of the New York Southern District Court has dashed an attempt by former Citi FX trader Rohan Ramchandani to use documents from the criminal case against him in proceedings launched by the Office of the Comptroller of the Currency (OCC).
On December 22, 2020, Judge Berman signed an order denying Ramchandani’s motion for modification of the protective order that would have allowed him to use certain documents 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 Judge notedd that Ramchandani has failed to show any extraordinary circumstance or compelling need for modification of the Protective Order. As the Government pointed out, defense counsel were fully capable of pursuing the requested documents through traditional means of discovery in the OCC proceedings. Defense counsel failed to do so.
On top of denying Ramchandani’s motion, the Court sided with the Government regarding documents that are in the former Citi trader possession. The Court ordered Ramchandani and his counsel to “return to the Government or destroy, by Monday, February 1, 2021, the entire set of discovery covered by the Protective Order (including the 58 documents discussed in Defendant’s application), but excluding any document for which Defendant has obtained the document owner’s consent for use in the OCC proceedings, or for which he has a pending or approved Touhy request”.
Ramchandani will have to certify such return or destruction in writing to the Court and Government counsel by Friday, February 5, 2021.
In October 2018, Richard Usher and Rohan Ramchandani were acquitted of charges of manipulating the Forex spot market.
In August 2020, however, the OCC issued notices against Usher and Ramchandani. The notices said that 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.