A COVID-19 depleted jury returned unanimous verdicts for each of the 17 counts in the criminal spoofing case brought against two former Deutsche Bank traders, James Vorley and Cedric Chanu. The decisions by the eleven jurors were announced late on Friday afternoon at...
On Tuesday, the defense finished cross examining the FBI special agent, the prosecution rested its case, defense declined to offer witnesses, prosecution made its closing arguments, defense made its closing arguments, Judge Tharp instructed the jury and the jury began deliberating the fates of James Vorley and Cedric Chanu.
Another day of methodical testimony unfolded in Judge John Tharp’s federal courtroom on Wednesday, the second day of testimony in the case of the Department of Justice versus James Vorley and Cedric Chancu.
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The CFTC is dropping all charges against Jitesh Thakkar in the anti-spoofing case that grew out of software development work that Thakkar’s company, Edge Financial Technology, performed in 2012 for Navinder Sarao. Sarao made at least $12.8 million by illegal spoofing,...
JLN PRESS ROOM PICK OF THE WEEK Junk bond king’s pardon viewed as ‘spectacular’ on Wall Street Thirty years after his conviction for securities fraud, and 20 years after he began asking US presidents to pardon him, junk bond king Michael Milken...
Navinder Singh Sarao escaped possible detention in a U.S. prison for anywhere from 78 to 97 months when he was sentenced yesterday in Chicago to one year of detention to be served at his parents’ home in Hounslow, west London. The term of the sentence begins today.
Navinder Sarao pleaded guilty to roughly $13 million worth of spoofing on his first visit to the United States in November 2016. Wearing leg irons and an orange prison jumpsuit in a Chicago federal court, Sarao was freed on bail pending final sentencing, which occurs today, January 28, 2020.
This Tuesday afternoon, Navinder Singh Sarao will be sentenced by Virginia M. Kendall, U.S. Judge of the United States District Court for the Northern District of Illinois.
If Jitesh Thakkar loses his case brought by the Enforcement Division of the CFTC, it will not be because the facts in the case are damning against him. It will be because the CFTC has bled Thakkar and his family and friends dry of the financial resources and the will to persevere. It will be because the CFTC’s tactic of drawing out the process and the costs for deposing him, former employees and even customers became too much for Thakkar to endure.
The recent case of United States v. Jitesh Thakkar demonstrated extraordinary government overreach that could result in a non-trader being liable for millions of dollars in trading losses even though the non-trader had no knowledge of the...
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Last year, during a crackdown on spoofing — a form of high-speed computer trading fraud — federal prosecutors charged a Chicago software developer with creating a program that helped a rogue trader net millions in illegal gains.
According to Merriam Webster, the (second) definition of “denouement” is “the outcome of a complex sequence of events.” On Monday, April 8, the twelve members of the jury in the trial (surely “a complex sequence of events”) of Jitesh Thakkar...
First Read $29,826/$300,000 (9.9%) Charles Bohm ++++ Hits & Takes John Lothian & JLN Staff The CME set new record volumes in the Ultra 10-Year Note and 30-Year Bond futures on February 23. Ultra 10-Year Note futures reached a record volume of 1.7 million...
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