The Jitesh Thakkar Case: A Scary Precedent

Jo says that enforcement cases against financial technology developers will have a chilling effect on the industry.

Gavel

It’s difficult not to sympathize with Jitesh Thakkar. 

Thakkar is the Chicago-based software developer whose company, Edge Financial Technologies, designed the custom trading application London day trader Navinder Singh Sarao used to spoof the markets. After Sarao was convicted, the US Department of Justice (DoJ) and the Commodity Futures Trading Commission (CFTC) charged Thakkar, alleging that he had aided and abetted Sarao in building the bespoke solution, which allowed him to place orders on

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