This has a huge impact on trading software industry. However many of us have been quiet and on the sidelines the especially large software firms who have gained by the legal victories secured by Jitesh so far. This man is fighting for all of us and his own survival. He deserves our support. Please sign this petition started by John Lothian https://www.change.org/p/dick-durbi...-cftc-should-drop-civil-charges-and-apologize Please contribute to the defense fund. https://www.gofundme.com/f/programmer-vs-us-govt-legal-defense-fund
"...The CFTC, as part of their continued pursuit of Mr. Thakkar, wants to depose members of a 2012 CFTC Technology Advisory Committee sub-committee of which Mr. Thakkar was a member. This is a frightening step and one likely to induce future potential subcommittee members to not volunteer for service. ...Should Mr. Thakkar be found guilty of the civil complaint, this will lead to increased costs for software development, as anyone who touches trading-related code could be potentially liable for similar complaints..." Stop developing software which has the ability to spoof the markets, which is clearly against all CFTC rules, and which Mr. Thakkar would have known about being on the "Technology Advisory committee sub-committee", and these problems will not crop up. Eh?
1 post nice ad. https://financefeeds.com/cftc-and-s...fing-scheme-have-productive-settlement-talks/ Ever heard of ethics? Seems like this guy is the perfect candidate to make an example of. He's "fighting for all" of us by compromising the system and aiding a trader in spoofing market orders, thereby creating fake liquidity, and causing chaos? LOL Monday laughs came a little late this week. No software developer making a mom and pop trading application is going to be effected by this. This guy made custom tailored spoofing software used to manipulate the market. This guy should be bankrupt, probably even in prison.
The link you posted is prior to recent events, the case is continuing without ant settlement. Just like DOJ, cftc will lose this.
The case is from 2011. Seems like you don't have all the details. John Lothian knows what he is doing and has intently followed the case.
The software was developed by someone who worked for Mr Thakkar in 2011. Mr Thakkar didn't even write any code, he was simply running a software company that did some custom programming with lots of options. Traders don't reveal their strategies to programmers. Please read follow-up updates from John Lothian.
Then I suppose there is more to this story than is being revealed here. Else the CFTC would not be all up in this guy's ass about it.
OIC, a rogue developer?! He wasn't trading switches, flies on rates... he was trading D1 and spoofing ES. Why not simply use a commercial front-end? Because Thakkar's execution software allowed Sarao to post BS size. Seems like a pretty cut and dried case: According to Complaint, Thakkar is the president of Edge and has over eighteen years of experience programming custom software applications for the trading industry. In October 2011, Trader A, who cooperated with the CFTC in the course of this investigation, reached out to Thakkar and asked Thakkar and Edge to design and develop a custom trading software application that would help Trader A spoof (bidding or offering with the intent to cancel before execution) and inject false information into the market regarding supply and demand for the E-mini S&P. Thakkar, along with Edge programmers working at Thakkar’s direction, worked closely with Trader A to meet Trader A’s desired specifications. You're not going to find sympathetic souls here, Wade Thakkar. .