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    Jitesh Thakkar

    Software Engineer at Undisclosed

    Jitesh Thakkar is a software developer and the president of Edge Financial Technologies, Inc., a company based in the Chicago area. Here are the key points about his case and background:

    Background and Experience

    • Thakkar has over 18 years of experience in programming custom software applications for the trading industry.123

    Charges and Legal Proceedings

    • In January 2018, the Commodity Futures Trading Commission (CFTC) charged Thakkar and his company, Edge Financial Technologies, with aiding and abetting spoofing and a manipulative and deceptive scheme in the E-mini S&P futures contract market. The charges alleged that Thakkar designed and developed a custom trading software application for Navinder Singh Sarao (referred to as "Trader A" in the complaint), which included a "Back-of-Book" function used for spoofing.123
    • Thakkar was also charged criminally by the U.S. Department of Justice (DOJ) for his role in aiding Sarao's spoofing activities. The trial ended in a mistrial in April 2019, with 10 out of 12 jurors favoring acquittal. The DOJ subsequently dismissed the outstanding charges against him.34

    Settlement and Resolution

    • In August 2020, the CFTC agreed to dismiss the charges against Thakkar as part of a settlement. The corporate defendant, Edge Financial Technologies, agreed to a consent order of permanent injunction, which included findings, an order of disgorgement, and penalties totaling $72,600.3

    Current Status

    • The legal proceedings against Thakkar have been resolved, with the charges dismissed and the settlement terms agreed upon.3

    Highlights

    CFTC agrees to dismiss Chicagoland software developer Jitesh ...
    The Jitesh Thakkar Case: A Scary Precedent - WatersTechnology.com
    Apr 10 · perkinscoie.com
    Novel Spoofing Case Against Software Developer Ends in Mistrial
    Jan 29 · cftc.gov
    CFTC Charges Jitesh Thakkar and Edge Financial Technologies ...

    Related Questions

    What was the outcome of the CFTC case against Jitesh Thakkar?
    How did Jitesh Thakkar's company, Edge Financial Technologies, get involved in the spoofing scheme?
    What specific features did the custom trading software developed by Thakkar and Edge include?
    How did the CFTC's charges against Jitesh Thakkar impact his career?
    What was the role of Trader A in the case involving Jitesh Thakkar and Edge Financial Technologies?
    Jitesh Thakkar
    Jitesh Thakkar, photo 1
    Jitesh Thakkar, photo 2
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    Location

    Greater Chicago Area