Gov't To Open New Frontier In Spoofing Prosecution
Law360 (March 29, 2019, 10:16 PM EDT) -- A jury trial set to begin Monday in Illinois federal court looks to take a software engineer to task for others' conduct on his program, in what could be the first time federal prosecutors have staged such an attack on commodity market spoofing.
Federal prosecutors are looking to hold Jitesh Thakkar, owner of Edge Financial Technologies Inc., responsible for creating software that enabled London-based trader Navinder Sarao to allegedly contribute to the 2010 Wall Street "flash crash" that saw the Dow drop 1,000 points before recovering minutes later.
Spoofing, which became considered criminal activity with the 2010 enactment of the Dodd-Frank Wall...
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