There was a trial in federal court by DoJ and FBI. The case got dismissed mid trial and subsequently withdrawn. The judge even scolded the DoJ several times for bringing such a "thin" case and not knowing what their choosing arguments would be because DoJ didn't have a leg to stand on. It was heavily reported. CFTC and DoJ filed their cases on same day. Usually criminal cases are faught first then civil. There was bo defence put up by jitesh, he didn't have to. The petition is for CFTC to do what department of justice did and stop the persecution.
A hint to anyone dealing with the legal system: put their ass on the line somehow. Be dirty, or whatever. But if you don't have the balls to play dirty, then just settle. It's not worth the hassle. These black/brown guys need to realize there is no leniency for them if they are even close to someone who is ever found doing something. You are blocked from a seat at the table, and if you aren't, then they try to get you in the court system. I saw this at a fund so much so that they instituted a "diversity" program, which ironically, reduced the number of "diverse" hires lol. In this case, it looks like it's a first amendment issue: you can't prevent me from writing whatever software I want, fuck off.
I'm pretty darn sure the constitution was not written with the protection of market manipulators in mind. And certainly not the first amendment. Free speech does not mean free reign to steal from the world. Else we become the fourth Reich.
No f*cking way that Sarao paid this clown $24K for a D1 front-end. Shady AF. I take the CFTC's summary of the complaint as gospel.
This was already tried in a federal courtroom and DOJ lost. Govt own witness testified that he didn't reveal any stategy and the word spoofing wasn't used in discussions or requirements. Based on govt witness testimony judge threw the the case out before even it went to the jury. Usually a judge only does this a few times in his or her career. It's a very rear event. The defense didn't even put up any evidence. You should read articles by chuck Mackie on Medium. He was there everyday and took detailed notes and reported accurately.
Free speech is free speech. Cryptography was decided to be free speech, as should this. Logically, your position sounds like "he definitely got more than $24K for spoofing". And, if he didn't? $24K for a simple program to connect IB to whatever and cancel orders according to some parameter seems within the realm of possibility. Taking the government's word as gospel, when has that ever gone wrong.
If it's a true consulting arrangement, it could have been done in 1-2 days in which case $24K sounds about right. At least that's what I would bill.
Go read DOJ and CFTC complaint. It was presented as evidence by DOJ in an open court. If you believe the govt, why won't you believe the case they presented and lost?