Hung Jury in Trial of US v Thakkar

Thom Thompson

Thom Thompson

Contributing Editor

The trial of Jitesh Thakkar for aiding and abetting two instances of spoofing – which were executed by the convicted mega spoofer Navinder Sarao, whom Thakkar never met – ended Tuesday afternoon at about 4:30 when Judge Robert Gettleman dismissed the hopelessly locked jury.

Gettleman praised the jury for its conscientiousness and thanked them warmly. He invited them back to his chambers, where he thanked them individually and told them that they were free to discuss the case as they wished. They were told they could return to the courtroom and speak with the attorneys, or not.

The three jurors who came back to the courtroom all seemed to have been in favor of acquittal.

They revealed that the jury had locked with a vote of 10 to 2 in favor of acquittal. They said that some thought that maybe “some things weren’t right” in Thakkar‘s computer programming but that they had reasonable doubt that Thakkar knew it would be used for spoofing when his firm programmed the “back of book” function. They were satisfied that there were at least some valid uses for the program.

One of the “holdouts” apparently felt that Thakkar should have known that the program would be used for spoofing. That juror was persuaded in part by the fact that Sarao had complained a couple of times that his orders were being hit and the program wasn’t working right.

Later, when I rode down in the elevator with those three jurors, I told them that I thought they had done a great job. They said it was difficult at times for them because of the very arcane nature of the subject matter. One of the jurors said that apparently Sarao was pretty famous because he had seen an article about him in the SunTimes last week – which he ripped out of the paper and threw away without reading. All three of them were fascinated by Sarao. What I took to be Sarao’s distinct Asperger affect during testimony, they suspected was the result of coaching by the prosecution. I told them that Sarao was pretty famous in the trading industry and suggested that they google “Bloomberg” and “Sarao” for the story.

The further disposition of the federal government’s case against Thakkar will be discussed on Wednesday at 9:30 in Judge Gettleman’s courtroom.  


You can help support Jitesh’s legal defense fund by contributing to his “Go Fund Me” campaign. The link is here: . Thank you.

John Lothian Newsletter

Today's Newsletter

Crypto Nomads: Surfing the World for Risk and Profit

Crypto Nomads: Surfing the World for Risk and Profit

First Read $51,906/$300,000 (17.3%) ++++ Hits & Takes John Lothian & JLN Staff The STA is holding the 88th Annual Market Structure Conference in person on October 6-8 at the JW Marriott in Washington, DC with the title "The Great Return." That is a very good...

We visit more than 100 websites daily for financial news (Would YOU do that?)

Now Read This

Meet El Salvador, Newest Bitcoin Paradise

Meet El Salvador, Newest Bitcoin Paradise

On Saturday, June 5, President Nayib Bukele of El Salvador announced that he would ask his country’s legislature to declare bitcoin “legal tender” in the country. This statement was part of a pre-recorded presentation to Miami, Florida’s Bitcoin 2021 conference.  

Bradley Rotter – Open Outcry Traders History Project, Part One

Bradley Rotter – Open Outcry Traders History Project, Part One

Bradley Rotter has been a pioneer in financial futures, hedge fund investing and cryptocurrencies. He was on the trading floor of the Chicago Board of Trade when financial futures were just getting started. He convinced Merrill Lynch they needed a financial futures expert and was hired, then later moved to New York to work for EF Hutton before returning to Chicago to become the floor manager for AG Becker & Co. when bonds were first traded in the old South Room of the CBOT.

Pin It on Pinterest

Share This Story