Sign the petition started by John Lothian: CFTC Should Drop Civil Charges and Apologize

[wadewatts]

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.

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 The case got dismissed mid trial and subsequently withdrawn.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.

 

[nooby_mcnoob]

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

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.

 

[Overnight]

...

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.

 

[destriero]

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.

 

[wadewatts]

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.

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.

 

[nooby_mcnoob]

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.

Free speech is free speech. Cryptography was decided to be free speech, as should this.

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.

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.

 

[wadewatts]

Taking the government's word as gospel, when has that ever gone wrong.

Yeah, government never accuses any innocent people. /s

 

[destriero]

There is no way Sarao paid $24K for what you’re suggesting.

 

[nooby_mcnoob]

There is no way Sarao paid $24K for what you’re suggesting.

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.

 

[wadewatts]

There is no way Sarao paid $24K for what you’re suggesting.

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?